Lower-than-expected non-farm payrolls

December 04, 2020
Lower-than-expected non-farm payrolls

The labor market stagnates amid COVID-19 surge

The US Bureau of Labor Statistics released its report on non-farm payrolls.

According to it, the American labor market has created 245,000 jobs in the past month, lower than the 480,000 forecasted by the market. The spike in COVID-19 infections, along with the slowdown in hiring, led to this low number.

Still, the unemployment rate came in line with the 6.8% expected, clocking at 6.7%. Economists believe that in the second part of 2021, the growth will be much stronger. In the following months, they expect the rebound to be flat or even negative.

The American benchmarks, USA500, USA30, and TECH100, opened higher.

Sources: forexfactory.com, investing.com

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