Article / 04 January 2013 at 15:01 GMT

US non-farm payrolls a tad above expectations

Saxo Capital Markets UK
United Kingdom

The headline figure in the US employment report published on Friday – non-farm payrolls – came in at 155,000, revealing an increase in the number of employed Americans in December on par with the average for the last 12 months.

“It was more or less in line with expectations, if anything just a little bit better than last month,” said Ole Hansen, head of commodity strategy at Saxo Bank.

While the data was largely supportive, markets put in a muted response with stock markets trading a little higher and EURUSD holding steady.

The price of Brent crude oil rose a little as any above-expectations improvement in the US numbers raises the chance of increased growth in the US and therefore demand, Mr Hansen explained. 

Similarly, the better than expected 2.1 percent increase year-on-year in hourly earnings, also seen in the employment report, should provide some support going forward. “Increased earnings will be good for income and also spending in the coming months,” said Peter Ganry, Saxo Bank equity strategist.

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