This Friday November 7th, the Non Farm Payroll numbers will be announced by the Bureau of Labor Statistics . Employment statistics have a significant impact on the US Dollar. There seems to be an expectation that this Friday’s numbers will be worse than what analysts forecasted (around -200,000). The ADP Employer Services Report published today showed that US private employers cut 157,000 jobs in October, along with a revision of 26,000 jobs lost in September (up from only 8,000 reported last month).
The Non Farm payroll numbers for September 2007 were 140,000. Starting in January of this year, all the NFP numbers have sunk deeper into negative territory. Last month there were 159,000 less jobs which increased the US Unemployment rate to 6.1%. The housing debacle which ignited the Credit Crisis around the world has been hurting consumers and businesses alike. Job cuts have been announced in most industries and there are some analysts forecasting unemployment figures as high as 8%, before the US economy turns around.
Friday’s NFP report could end up with a loss of more than 200,000 jobs, and the highest unemployment figure in five years.
For more United States Employment Indicators visit FXEconostats US Employment graphs
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