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US Adds More Jobs than Expected, Creates 304,000 jobs in January

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  • US Adds More Jobs than Expected, Creates 304,000 jobs in January

Businesses in the United States of America created more jobs than expected in the first month of the year.

Employers added 304,000 jobs in January despite government shutdown, the Labour Department reported on Friday. This exceeded analysts expectations and rose more than the average growth – 223,000 jobs – recorded in 2018.

An obviously happy Donald Trump tweeted “Jobs, Jobs, Jobs!” after the report was released.

The unemployment rate, however, ticked up to 4 per cent, a level last seen in June. Likely reflecting the effect of the shutdown, according to the labour department.

While December Jobs numbers were revised down from the initial 312,000 jobs reported to 222,000, and November numbers rose from 176,000 jobs to 196,000.

“Certainly, the economy has slowed, and that will undoubtedly be apparent in other data in the coming weeks. Still, the jobs market remains a bright spot,” Jim Baird, chief investment officer for Plante Moran Financial Advisors, said in a note. “Employers are still hiring at a strong pace. That’s good news for the consumer sector, and ultimately good news for the economy.”

Wage growth remained largely unchanged at 3.2 per cent, in line with the past few months and around the highest levels of recovery.

The Federal Reserve left interest rates unchanged despite saying the economy remained solid and will continue to expand in 2019. The uncertainty in the Euro-area, China’s slowdown and complex Brexit negotiation weighed on Fed’s rates decision during the first monetary policy meeting of the year.

The U.S dollar rose across the board to close at 1.1452 against the Euro single currency.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Forex

Naira Continues Downward Trend on Black Market, Trades at N465/$

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Naira Extends Decline on Black Market, Exchanges at N465/$

Naira extended its decline against the United States dollar on Friday as scarcity amid devaluation persists.

The local currency lost N2 against the US dollar from N463 it traded on Thursday to N465 on Friday. Its lowest in almost three years.

Similarly, the Naira depreciated by N3 against the British Pound from N562 on Thursday to exchange at N565 on Friday.

While against, the European common currency, the Nigerian Naira lost N1 from N505 it was sold on the back market on Thursday to N506 on Friday.

The local currency has been on a downward trend since the news of foreign exchange unification broke out about two weeks ago. This coupled with 5.54 percent devaluation from N360 official Naira-US Dollar exchange rate to N380, compounded Naira woes.

On the Investors and Exporters’ Forex window, the Naira appreciated by 25 kobo or 0.06 percent against the US dollar to trade at N386.50 on Friday.

Activity on the window, however, improved from $11.96 million traded on Thursday to $25.19 million Friday.

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Naira Declines Against Pound, Euro After Devaluation

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Naira Declines against pound

Naira Plunges Against Euro and Pound After CBN Adjusts Official Exchange Rate

Following the devaluation of the Naira by the Central Bank of Nigeria, the local currency declined against the British Pound and the Euro single currency on the black market.

The Naira lost N4 against the British pound to trade at N562 from the N558 it traded on Wednesday.

This decline continues against European common currency as the Naira lost N1 from N504 exchanged on Wednesday to trade at N505 on Thursday.

On the Investors and Exporters (I&E) Forex window, the Naira lost 0.06 percent or 25 kobo against the US dollar to trade at N386.75 after plunging to as low as N390 during the trading hours.

Activity on the I&E window declined by 86.4 percent from $103.37 million traded previously to $11.96 million as traded are reportedly stay off the market.

The FMDQ Group, who manages the I&E Fx window, on Wednesday adjusted its CBN’s Naira-USD official exchange rate from N361 on Tuesday to N381 despite the central bank maintaining N360/$ on its official website. Indicating that the apex back has officially implemented the N380 but without an official announcement, likely due to backlash — especially after the CBN has repeatedly said the nations have enough reserves to support the economy and blamed speculators and hoarders for the wide exchange of the local currency.

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Naira Slides to N463 Against US Dollar on Black Market

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Naira

Naira Falls Against Dollar, Trades at N463 on Black Market

The Nigerian Naira declined against the United States dollar on the black market following the decision of the Central Bank of Nigeria (CBN) to adjust the nation’s official foreign exchange rate.

The local currency depreciated by N2 against the US dollar from the N461 it exchanged on Wednesday to N463 on Thursday after the news of CBN adjustment became known.

The apex bank had adjusted the official foreign exchange rate from the N360 previously used for the US dollar to N380 due to the recent changes in macro fundamentals of the nation.

This is the Naira lowest exchange rate on the black market in almost three years and highlighted the nation’s precarious position especially when the escalating inflation rate of 12.4 percent is factored in.

On Tuesday, United Capital Plc said given current economic situation that the official exchange of the Naira is expected to slide to N430 to a US dollar by the end of the year.

The pan-African investment banking and financial services group said “On the exchange rate, we believe the odds are in favour of a further naira adjustment, which may take the official rate to N410/$ to N430/$ by year-end.

“However, we believe the Central Bank of Nigeria will continue to defend the value of the local unit for as long as it can.”

It went on to predict that the economy will shrink by 2.69 percent in 2020, down from the 2.3 percent growth predicted earlier in the year.

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