Nonfarm Payroll

Share on linkedin
Share on whatsapp
Share on facebook
Share on twitter
Share on telegram
Share on email

The US labor market remained resilient. Today, the US Bureau of Labor Statistics reported that nonfarm payrolls increased by 209.000 in June 2023, below the market forecast of 225.000. The US unemployment rate decreased to 3.6% in June 2023, from 3.7% the prior month. Year-over-year average hourly earnings increased by 4.4%, above market forecasts of 4.2%. These data came after yesterday’s ADP report which showed that 497.000 private employment were created in June 2023, well above the market forecast of 228.000 and from a downwardly revised 267.000 in May.

After the ADP report, the 2-year treasury yield topped 5% (since 2001 it happened on only 65 days). After the nonfarm report, US indexes futures fluctuated.

The preferred inflation gauge by the Fed, core PCE, slowed to 4.6% in May 2023, below the forecast of 4.7%. However, it is still well above the central bank’s 2% target. Markets are pricing in 25 bps rate hike in July. The CME FedWatch Tool is also showing a higher chance of a quarter point rate hike, which will bring the target rate to 5.25% – 5.50%.

The Fed left the interest rate unchanged at its June meeting but signaled more hikes ahead. “We believe there’s more restriction coming and what’s really driving it … is a very strong labor market,” said Fed Chair Powell last week during a Q&A session at the ECB Forum on Central Banking.

All eyes will be on the next release of CPI data on July 12, ahead of the FOMC meeting.

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Aleph Finance, or its affiliates.

Aleph Finance is a trading name of UCapital Asset Management LLP.

UCapital Asset Management is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
UCapital Asset Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.

Registered Company number OC333807.

Home
About Us
Our Team
News
Contacts
Careers
  • Copyright © 2025 Aleph Finance. All Rights Reserved.

Which kind of customers are you?

Individual/Joint
Corporate/Institutional
EnglishFrenchItalianSpanish

You are an individual private investor or a small charity, small trust or small organisation.

The basis on which you access this site
The material on the Retail Client section of alephfinance.com website is aimed at residents of the UK only. Products and services mentioned on this site are subject to UK legal and regulatory requirements and are not available in any jurisdictions other than the UK.
The material on the website is for information only and is not an invitation to subscribe for units or shares in any funds described herein nor is it investment advice or investment recommendation. Nothing on this site should be construed as investment advice or investment recommendations. We highly recommend that you obtain appropriate professional investment advice before making any investment decisions.
We draw your attention to the “Legal Documents” page of our web site. This can be found at the top of each page. This section contains important information about the terms under which you use this web site, risk warnings and other important information. Please access and read this Important Information section.
Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

You are an approved or exempt intermediary selling or recommending financial products to clients.

The basis on which you access this site
The material on the Professional Client section of alephfinance.com website is aimed at professional financial advisers of the UK. Products and services mentioned on this site are subject to UK legal and regulatory requirements and are not available in any jurisdictions other than the UK.
Information on the Professional Client section of our website will not be fully compliant with the Financial Conduct Authority (FCA) disclosure requirements relevant to private investors or retail clients.
If you are a private investor you must not access this area of our website. Please select the Retail Client option from our welcome screen.
We draw your attention to the “Legal Documents” pages of our web site. This can be found at the top of each page. This section contains important information about the terms under which you use this web site, risk warnings and other important information. Please access and read this Important Information section.
Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

You are here on behalf of a fund management group, pension fund or other institutional investor.

The basis on which you access this site
The material on the Institutional section of alephfinance.com website is aimed at professional financial advisers of the UK. Products and services mentioned on this site are subject to UK legal and regulatory requirements and are not available in any jurisdictions other than the UK.
Information on the Institutional section of our website will not be fully compliant with the Financial Conduct Authority (FCA) disclosure requirements relevant to private investors or retail clients.
If you are a private investor you must not access this area of our website. Please select the Retail Client option from our welcome screen.
We draw your attention to the “Legal Documents” pages of our web site. This can be found at the top of each page. This section contains important information about the terms under which you use this web site, risk warnings and other important information. Please access and read this Important Information section.
Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

For further information, please read our Legal Documents.

Decline