There is No Truth in Numbers – 3rd February, Vantage FX UK Update

Added: (Tue Feb 07 2012)

Pressbox (Press Release) - Jay Mawji of Vantage FX (http://www.vantagefx.co.uk/) takes a look at news around the Eurozone on 3rd February 2012 – including news around bonds and bailouts at the start of February.

“Non-Farm Payrolls, arguably the most important data out in the markets this week, sent the USD and Equity markets into a little spin as the number of people unemployed in the US dropped to 8.3%. This was a ‘better than expected figure’ and now brings the level of unemployment to the lowest in almost 3 years.

Job growth was reported across a wide spread of industries which will give the economy a much needed boost. Retailers, Hospitality, Factory Work and White Collar jobs all added to the decrease in unemployment. The news is particularly important as the Federal Bank recently announced a bond-buyback scheme in order to boost spending and growth in the US economy. Investors have been looking away from the US and moving over to European Equities and other European based investments for fear of a sluggish year in the US. Or perhaps they feel there is little truth in the numbers? One side of the unemployment figure is the rise of jobs created, which is key for the economy. On the other side, is the question of how many people are dropping out of the labour force? If people ‘give up’ trying to find work, or decide to spend their time in non-income-based activities they stop being counted as unemployed. The longer claimants remain unemployed, the more likely they are to drop out of the job search which not only reduces the productivity of the economy, but also highlights the desperate state that lies beneath the figure.

Notice how I’ve made no mention of the Eurozone today… Have a good weekend.”

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