Today’s non-farm payrolls report missed analysts’ forecasts as it showed a job gain of 88,000 last month, the smallest gain in nine months, compared with estimates of 190,000.
The report was interpreted negatively by investors although it included positive signs such the upside revision to February’s reading to 268,000 from 236,000 and the drop in unemployment to 7.6%, the lowest in four years, from 7.7%.
The non-farm report moved in line with the private payrolls for March released this week which also came below analysts’ forecasts to show a job gain of 158,000 last month, compared with both revised and estimated readings of 237,000 and 200,000.
In the wake of stimulus announcement by key central banks yesterday, the dollar came under pressure as the Fed is likely to stick to its pledge to continue with stimulus till the labor market shows signs of recovery.
Read more: Dollar drops versus euro, yet rebounds against yen after NFP
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