Saturday July 4, 2015 - 11:54:33 GMT
Share This Story
Global-View - www.global-view.com
Disappointing June U.S. Jobs Report: Week Ahead
John M. Bland
Employment Data Falls Short
The June U.S. employment report fell short on several grounds. First of all, non-farm Payrolls increased by 223,000 in the month, when many had been looking for an increase of about 250,000 in the month. Furthermore, strong data increases in April and May were revised down by about 60,000. The unemployment rate fell to 5.30% from 5.50%, but it fell due to a decline in the number of workers in the jobs pool. Lastly, Average Hourly Earnings were unexpectedly unchanged in the month and the May gain of 0.30% was revised lower to 0.20%. Bottom-line, the June data has raised serious doubts about a Fed rate hike in September and perhaps even for the rest of the year unless future data improve.
The leadership in Greece apparently overplayed its hand last weekend just ahead of the due date for a several billion EUR payment due to the IMF. PM Tsipras at 1:00 AM in the morning last Saturday unexpectedly announced that he would call a public Referendum on the austerity program being imposed by its creditors. Rather than folding, Greek creditors called his bluff. so now there is a referendum on July 5 on austerity, and, in essence, on remaining in the Euro. As of this writing, polls suggest voters will support more austerity.
The upcoming week is a quiet one for major economic data.
-- Monday, July 6, Service PMI data from the U.S. and the Ivey PMI from Canada are slated.
-- Tuesday July 7, features a Reserve Bank of Australia policy decision, U.K. output figures, Canadian and U.S. Trade data along with U.S. JOLTS employment statistics.
-- Wednesday July 8, sees the latest FOMC Minutes.
-- Thursday July 9, will see June Australian employment data, the Bank of England monetary policy decision and weekly U.S. Jobless Claims.
-- Friday July 10, sees U.K. trade figures and Canadian June Employment figures.
Be sure to refer daily Global-View to see the continuously UPDATED Economic Calendar and the Forex Forum for the complete list of key items (actual data, selected charts, etc.) as they are released.
John M. Bland
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."