The predictable snap-back in employment continued in August with 1.4 Million jobs brought back on line and unemployment falling to 8.4%. Click below for the detailed report from BLS.
Unemployment was of course going to recover to a sharp degree as the economy re-opened.
And here’s who’s doing the heavy lifting. What is with that spike in Government employment? Hey Trump, you’re supposed to be shrinking, not growing government. Just kidding, it’s temporary census workers that rammed government hiring upward. But that effectively reduces meaningful payrolls by 238,000.
With the recovery in jobs the US dollar continued its bounce. It needs to take out the EMA 20 (black line) to bring on a test of the SMA 50 (94+) or higher to 96.
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