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USD up after another big NFP gain, commodity currencies down on weak stocks; Russia victory day parade
Friday’s US nonfarm payrolls showed a solid headline figure but some mixed details. On the one hand, the +428k increase in payrolls marks a full year with monthly gains over 400k, the longest stretch of such job gains going back to 1939. chart In particular, employment as measured by the household survey fell by 353k, which was coupled with a 0.2 percentage-point decline in the labor force participation rate, erasing the previous two months’ gains. Market participants focused on the lower-than-expected average hourly earnings figure (on a month-on-month basis, which isn’t in my table; I guess I’ll have to ... (full story)