Nonfarm Payrolls (NFP) in the US rose by 943,000 in July, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed June's increase of 938,000 (revised from 850,000) and surpassed the market expectation of 870,000.
Follow our live coverage of the US jobs report and the market reaction.
Further details of the report revealed that the Unemployment Rate declined to 5.4% from 5.9% in June and the Labor Force Participation Rate improved modestly to 61.7%. Finally, Average Hourly Earnings increased by 4%, compared to the market expectation of 3.8%.
"The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 560,000 in July to 3.4 million but is 2.3 million higher than in February 2020," the publication read. "The employment-population ratio increased by 0.4 percentage point to 58.4% in July and is up by 1.0 percentage point since December 2020."
Market reaction
With the initial market reaction, the greenback gathered strength against its rivals and the US Dollar Index was last seen rising 0.26% on a daily basis at 92.50.
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