US Nonfarm Payrolls Disappoint | Oil Prices Edge Up
Published October 4, 2019
The US Bureau of Labor Statistics on Friday reported that Nonfarm Payrolls in September increased by 136,000 and came in lower than the market expectation of 145,000. The unemployment rate also declined to 3.5 percent in September. The US Dollar Index was trading slightly higher, at 98.98, after the release.
Oil prices rose on Friday after the recent losses, on fears that slower global economic growth and oversupplied market would hurt energy demand. WTI was trading higher, at $53.27 a barrel, this morning.
Statistics Canada reported on Friday that Canada’s merchandise trade deficit narrowed to $955 million in August, down from $1.4 billion the previous month; exports rose by 1.8 per cent while imports only increased by 1.0 per cent. The Canadian dollar was trading higher, at 1.3305, after the release.
Federal Reserve Vice Chair Richard Clarida said that the US economy is in great shape and he does not think recession risks are elevated. Clarida acknowledged that trade policy uncertainty is impacting investment and it is important to keep inflation around the 2 percent level.