The famed NFP report revealed less than exemplary news today for the country, but offered multiple trading opportunities for Binary Options Traders. U.S. Employers added fewer workers to payrolls than previously predicted in September, indicating the world’s largest economy had very little momentum in the time before the federal government shutdown.
Originally expected to be a gain of 193,000 workers, the NFP reported a gain of a revised 148,000 workers. Labor Department figures showed this gain was larger than previously expected in August. A total of 93 economists surveyed by Bloomberg resulted in a median number of an expected 180,000 advance. Meanwhile, unemployment fell to its lowest level since November 2008, 7.2 percent.
Due to expectations that the Federal Reserve will not be hastily reducing the monthly bond purchases aimed at spurring growth and employment, treasuries and stocks rose. How soon the economy will recover to its pre-shutdown status will determine the progress rate in the labor market.
Chief U.S. economist at JPMorgan Chase & Co. Michael Feroli was quoted as saying “It’s not like we’re falling off a cliff, but there’s a failure to get any spark in employment,” “Had this report come in strong, there was some possibility of the Fed tapering in December, but that possibility seems to be very small now.”
According to statistics gathered by Bloomberg, the Standard & Poor’s 500 Index rose 0.6 percent to 1,755.49 at 10:04 a.m. in New York. The yield on the 10-year Treasury note fell seven basis points, or 0.07 percentage point, to 2.53 percent.
Private employment, which excludes government agencies, rose 126,000 after a revised gain of 161,000. Private payrolls were also projected to rise by 180,000, the survey showed.
Full-time employment climbed by 691,000 in September while part-time hiring dropped by 594,000.
Employment at factories increased by 2,000 following a 13,000 gain in the previous month. Construction companies added 20,000 workers, the most since February, and retailers took on almost 21,000 employees.
Through August, the U.S. had recovered 6.8 million of the 8.7 million jobs lost as a result of the 18-month recession that ended in June 2009.
In the binary option world, many traders made quite a nice profit today due to the steady movement and retracement resulting from the NFP. The USD/JPY seemed to be the most sought after binary options asset today due to its momentum. Price on the USD/JPY sank over 58 pips in the first 20 minutes beginning at 8:15 A.M. E.S.T. followed by spending the next hour retracing and rising roughly 68 pips.