The dollar is tumbling after the jobs report in America.
The US dollar index is down by 0.3% at 100.77 as of 8:43 a.m. ET.
The US unemployment rate fell to a nine-year low in November as fewer people searched for jobs, according to a report Friday from the Bureau of Labor Statistics.
Nonfarm payrolls grew by 178,000 jobs, 2,000 fewer than economists had expected. The unemployment rate dropped to 4.6%, and labor-force participation declined to 62.7%, remaining near the lowest level since the 1970s. Fewer people are joining the labor force on net partly because baby boomers are retiring in their droves.
Wage growth was soft during the month. Average hourly earnings fell 0.1% from October, and rose 2.5% year-on-year. Economists had expected a jump by 2.8%, matching the highest level since the recession.
As for the rest of the world, here’s the scoreboard as of 8:45 a.m. ET:
- The euro is down by 0.2% at 1.0643 against the dollar. Separately, there’s a slew of political news in Europe this weekend. Italy is heading to the polls to vote on constitutional reforms and the future of Prime Minister Matteo Renzi over the weekend. Meanwhile Austria is voting for its next president after the run-off vote in May was annulled.
- The British pound is up by 0.4% at 1.2643 against the dollar. Earlier, data showed that Britain’s construction sector unexpectedly rose to an eight-month high in November, with IHS Markit’s purchasing manager’s index coming in at 52.8. However, the pound’s collapse against the dollar post-Brexit ramped up costs at the fastest pace in five years.
- The Russian ruble is down by 0.2% at 64.0895 per dollar, while Brent crude oil, the international benchmark, is down by 1.6% at $53.08 per barrel.
- The Japanese yen is up by 0.2% at 113.95 per dollar.