U.S. Monthly Jobs Report Misses Expectations

The U.S. dollar fell sharply immediately following the release of payroll data from the Labor Department which showed that fewer-than-expected jobs were added to the economy last month.

The dollar index, a measure of the greenback's strength against a basket of six global currencies, gave back earlier gains to trade 0.45% lower at 96.77 after the Bureau of Labor Statistics said 138,000 new jobs were created in May, well below the market consensus of 185,000. Headline unemployment fell to 4.3% from 4.4% the BLS said, but the Labor Force Participation rate, a measure of the broader American workforce, slipped to 62.7% from 62.9%. The BLS also revised the April job creation total to 174,000 from its initial estimate of 211,000.

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U.S. Dollar Falls Sharply After Payroll Report Misses Market Expectations

This article was written by a staff member of TheStreet.