Dollar climbs on jobs data
WASHINGTON — The dollar headed higher against the euro Friday, helped by surprise numbers in the November US jobs report, though the details still painted a less buoyant picture than the headline numbers.
At 2200 GMT the euro was trading at $1.2928, compared to $1.2969 Thursday.
The US Labor Department reported the unemployment rate fell to 7.7 percent in November, instead of a rise to 8.0 percent as most economists had expected.
The economy spun out a net 146,000 new jobs, also beating estimates.
But the picture wasn’t all good: the job creation numbers for the previous two months were lowered, and the data also showed that more people dropped out of the jobs market altogether than got new jobs.
“At the current pace, we would not see the economy returning to full employment for another decade,” said Dean Baker of the Center for Economic and Policy Research.
The eurozone currency also continued to show the impact of Thursday’s ECB shock economic forecast, which slashed growth expectations with a prediction of more contraction in 2013.
ECB officials hinted at a possible future rate cut given the continued contraction in the region’s economy.
The Japanese yen was mixed, gaining to 106.64 yen to the euro but falling to 82.46 to the greenback.
The dollar rose to 0.9343 Swiss francs from 0.9325 francs; the British pound slipped to $1.6039 from $1.6050.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94