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Forex News: US Employment weaker than expected at -63,000 Jobs

Posted by Greg Michalowski on Fri, 03/07/2008 - 8:32am in

The Unemployment rate went down however to 4.8%. This is because the workforce declined. May indicate that people stepping out of labor force. It can also be demographic decline as baby boomers retire voluntarily.

Goverment jobs grew by 38,000 jobs which was the bright spot. Construction, Manufacturing, Trade and Transportation all showed accelerating declines (see chart above).

The dollar is getting hit with the "risk" carry trades taking on heat as well.