The US Non-Farm Payrolls report just got released and it’s a huge beat on market expectations – there’s more life in the US economy than most thought.
It’s the equivalent of Australia’s unemployment number and is a vital economic health indicator for the US, and an important leading indicator for the global economy. It’s something the US edition of Business Insider covers in great detail as a result.
The market was expecting a lift of around 120,000 jobs across the US economy. The print was 204,000.
Bam. Big beat.
And here’s what happened to the Australian dollar. It dropped almost a full cent on its trading highs from today, and 0.7c immediately on the news.
The Reserve Bank of Australia will have been watching this number very carefully tonight. Governor Glenn Stevens has been insistent that the Australian dollar will be “materially lower”.