FTSE 100 Live: Stocks off highs; August non-farm payrolls above forecast
Proactive Investors
Published Sep 01, 2023 13:49
Updated Sep 01, 2023 14:10
FTSE 100 Live: Stocks off highs; August non-farm payrolls above forecast
Proactive Investors -
- FTSE 100, up 30 points at 7,469
- House prices fall at fastest pace since 2009
- US futures higher ahead of non-farm payrolls
August non-farm payrolls strong, but July revised down
The non-farm payrolls figures are out and it is a mixed bag.
The US economy added 187,000 jobs in August, ahead of forecasts of 170,000, although July's number was revised down to 157,000 from an original reading of 187,000.
The rate of unemployment rose unexpectedly in August to 3.8%, surprising economists who had predicted it would remain unchanged at 3.5% but growth in average hourly earnings surprised on the downside.
Average hourly earnings rose 0.2% in August compared to July, below the 0.3% expected, although annual growth of 4.3% was in line with expectations.
The figures from the US Bureau of Labour Statistics showed employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Employment in transportation and warehousing declined.
In August, the labor force participation rate rose by 0.2 percentage point to 62.8 percent, after being flat since March.
ONS revisions mean UK no longer the G7 laggard
Some reaction to the ONS revisions which seem to have altered the narrative of how the UK was perceived to have performed during the pandemic.
Simon French at Panmure Gordon commented: said "the entire UK economic narrative - post pandemic - has just been revised away."
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