Dollar weakens after disappointing US nonfarm payrolls and low wage growth data

Posted On 03 Jul 2015

The US dollar headed toward an Independence Day long weekend on a weaker note after a disappointing US nonfarm payrolls report that was released on Thursday.

According to the US Labor Department, Nonfarm payrolls increased 223,000 last month, below the 230,000 forecasts, while average hourly earnings were unchanged in June, taking the year-on-year increase to 2.0 percent. Earnings at private employers held at $24.95 an hour in June on average and rose 2 percent over the past 12 months, matching the mean since the current expansion began six years ago. Wages had increased 2.3 percent in the year ended in May.

The jobless rate fell to a seven-year low of 5.3 percent but the drop was mainly due to Americans leaving the workforce.

Slowing US job growth in June tempered expectations for a Federal Reserve interest rate increase in September. The Fed has said it will raise rates only when data shows a sustained economic recovery.

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