Dollar weaken… “Wage inflation is not going to be fast as worry”
The dollar weakened on Oct 5 (local time). Significant inflation concerning the average wage rate were weakened as job growth slowed in September.
According to the US Department of Labor, the number of non-farm workers in the US increased by 134,000 in September less than the estimated 185,000. It is the smallest increase since last September. It is estimated that the number of retailers and leisure and hospitality workers decreased.
In August, the number of new non-farm workers increased from 200,000 to 270,000, bringing the total employment increase for the previous two months up by a total of 87,000.
Average monthly wages in September continued to rise 0.3% MoM. However, it did not reach 0.5% in the same month last year. The year-on-year increase was 2.8%, not reaching 2.9% from August.
“Wage inflation is getting higher and higher, but it is not getting faster as the market is afraid,” said Russell Price, a senior economist at financial firm Amberley Price.
On the same day, the dollar continued its upward and downward trends and turned to a declining trend after the announcement of the index. The dollar index, which was 95.770 before the announcement of the index, fell to 95.516 right after the announcement, and reached 95.678 in late market.
The EUR/USD rose 0.03 per cent to $ 1.1516, while the GBP/USD rose 0.64 per cent to $ 1.3101. USD/CNY dropped 0.11% to 113.78 yen.