Francis Idowu
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The non-farm payroll (NFP) report is a key economic indicator for the united states. It is intended to represent the total number of paid workers in the U.S excluding farm employees, government employees, private household employees, and employees of non-profit making organizations. The report is released every first Friday of a new month by the Bureau of labor statistics and is among the most market-moving data points for US Dollars, US equities, Treasuries, and Gold.
The US economy contracted by 1.5% in the first three months of 2022, slightly worse than the initial forecast of a 1.4% decline, with the biggest drag coming from trade. Imports surged to 18.3% compared to the prediction of 17.7%, led by nonfood and nonautomotive consumer goods, as exports dropped slightly to -5.4% compared to the forecast of -5.9% due to nondurable goods. Meanwhile, fixed investment was revised lower but remained robust while housing investment grew much less than initially predicted at 0.4% compared to 2.1%. Consumer spending rose to 3.1%, led by housing and utilities and motor vehicles and parts as spending on gasoline and other energy goods decreased.
April experienced another solid increase in jobs at 428,000 compared to the forecast of 390,000 despite the business struggling to find suitable staff. Although wage pressures were not as intense as expected, this is likely to be a temporary lull as labor market tightness will keep upward pressure on inflation.
Non-Farm Payroll; The United States job momentum is Likely to be Maintained even as Experts Predicts Calmness
The non-farm payroll (NFP) report is a key economic indicator for the united states. It is intended to represent the total number of paid workers in the U.S excluding farm employees, government employees, private household employees, and employees of non-profit making organizations. The report...
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