Employment data
The US employment data is the most important on the scene today, until the release of inflation data and the new Fed decision in September, which will give a clear answer to the US economy’s situation under the pressure of the tight monetary policy pursued by the US Federal Reserve in order to reduce inflation.
In his latest interview from Jackson Hole, Jerome Powell said that the policy of raising interest rates may have some pain, and economists interpreted these pains as a sign of a slowing economy, an increase in unemployment, and the entry of the American economy into a recession.
Therefore, the data is very important because strong employment is the cornerstone of the strength of the US economy and that it has not yet entered a recession, and is the basis on which the Federal Reserve relies on its strong policy.
Experts expected that the US market would react inversely to the data, and if it came negative, the stock market and high-risk assets would rise, and vice versa.
Employment data
The US economy added 315,000 jobs in the private sector in August, while experts from Dow Jones expected only 300,000 jobs to be added, and it is reported that the US economy succeeded in adding 528,000 jobs in July.
The US unemployment rate recorded 3.7%, while experts expected it to remain at 3.5%, similar to the July reading.
Average hourly earnings increased annually from August by 5.2%, while experts expected it to rise by 5.3%.
Markets now
The US dollar index is down more than 0.42% to now record 109.222 against a basket of foreign currencies.
While gold contracts rose by 0.64% to record $1,720.4 an ounce, while spot gold contracts rose by 0.67% to record $1,709.49 an ounce.
Treasury yields fell for 30 years, 10 years and 2 years. The 30-year Treasury yields 3.373%, the 10-year yields 3.257%, down 0.23%, and the two-year yields 3.4861%, down 1.02%.
Silver is rising 1.83% to $17.985 an ounce.
Meanwhile, US futures are up mixed in pre-open trading, with the S&P 500 up 0.16%, the Dow Jones up 0.13% and the Nasdaq consolidating.