Friday November 7, 2008 - 13:47:32 GMT
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Forex News: NFP worse than expected. Revision much lower Unemployment rate 6.5%
NFP Revision: -284K much worse
Unemployment Rate 6.5%
Revision and current NFP much worse. Unemployment rate rises sharply to 6.5%
Job losses for the year 1,179,000.
Unemployment rate moves from 6.1% to 6.5%
If it weren't for Government (+23K) and Health (+21K) would have been worse. Last month the only sectors with job growth was Mining (+8K) and the ubiquitious "Other Services" (3K). Governement and Health showed declines.
The dollar should get weaker off the number. The caveat is the stock market should get hit, which traditionally has led to EURUSD, GBPUSD, and USDJPY selling.
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