Thursday, September 4, 2008

August NFP - Consensus Estimate 60K to 75K Loss in Payroll Jobs

Due to the release of NFP today.I will try and close all my trades before the release. I would predict a bad result for US and buy on GBPUSD due to the following factors;

• Employment continued to fall in construction, manufacturing, and several service-providing industries, while health care and mining continued to add jobs

• Notable decreases were also seen in retail trade and wholesale trade—each down 17,000 for the latest month

• The decline of 51,000 in payrolls represents a 0.04% drop that is consistent with the recent trend of declines at about a 0.5% annual rate

• Hourly earnings rose by 6 cents, bouncing back to a 0.3% gain over the month

• Average weekly hours slipped to 33.6 hours in July from 33.7 hours in June


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