US economy adds 1.371 million payrolls in August, unemployment rate dips to 8.4%

The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin, as employers continued to bring back workers as virus-related business disruptions abated. Still, the pace of payroll gains slowed relative to recent months.

Here were the main metrics from the Department of Labor’s August jobs report released Friday morning, compared to consensus estimates compiled by Bloomberg:

  • Change in non-farm payrolls: +1.371 million vs. +1.350 million expected, vs. +1.734 million in July

  • Unemployment rate: 8.4% vs. 9.8% expected, vs. 10.2% in July

  • Average hourly earnings, month over month: 0.4% vs. 0.0% expected, +0.1% in July

  • Average hourly earnings, year over year: 4.7% vs. 4.5% expected, 4.7% in July

  • Labor force participation rate: 61.7% vs. 61.8% expected, 61.4% in July

Even with another print above 1 million, the number of non-farm payrolls added in August has not

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Euro dips as traders look towards ECB meeting

LONDON (Reuters) – The euro fell on Monday as traders that have pushed the single currency to multi-year highs took a breather and prepared for the European Central Bank meeting on Thursday to see if policymakers will introduce yet more stimulus.

FILE PHOTO: Rolled Euro banknotes are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration

The dollar has tumbled to more than two-year lows against the euro in recent weeks as investors bet U.S. interest rates would stay low for longer just as European policymakers agreed a significant recovery fund to boost the economy in Europe.

But the greenback has steadied in recent sessions, especially after the euro’s brief flirtation with the $1.20 level was followed by selling of the single currency.

In thin trading with U.S. financial markets closed for a public holiday, the euro dropped 0.1% to $1.1822 EUR=EBS while the dollar

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FOREX-Dollar dips as market recovers from weak U.S. jobs data

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (New throughout)

By Kate Duguid

LONDON, Sept 4 (Reuters) – As risk assets recovered on Friday afternoon, the safe-haven U.S. dollar dipped, retracing gains made on safe-haven demand following a Labor Department report that job growth slowed further in August, threatening the economy’s recovery from the COVID-19 pandemic.

Employment slowed and permanent job losses increased as programs to help businesses pay wages have lapsed or are on the verge of ending. Economists credited government largesse for the sharp rebound in economic activity after it nearly ground to a halt following the shuttering of businesses in mid-March.

The dollar index rallied to its highest in a week following the report. But those gains were erased on Friday afternoon as U.S. stock indexes recovered after earlier hitting their lowest level in a month.

The dollar index was lower on the day, last trading down

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Dollar Dips as Market Recovers From Weak U.S. Jobs Data

LONDON — As risk assets recovered on Friday afternoon, the safe-haven U.S. dollar dipped, retracing gains made on safe-haven demand following a Labor Department report that job growth slowed further in August, threatening the economy’s recovery from the COVID-19 pandemic.

Employment slowed and permanent job losses increased as programs to help businesses pay wages have lapsed or are on the verge of ending. Economists credited government largesse for the sharp rebound in economic activity after it nearly ground to a halt following the shuttering of businesses in mid-March.

The dollar index <=USD> rallied to its highest in a week following the report. But those gains were erased on Friday afternoon as U.S. stock indexes recovered after earlier hitting their lowest level in a month. [.N]

The dollar index was lower on the day, last trading down 0.10% at 92.752, though it remains 1.1% higher than the April 2018 low of

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