Nonfarm payrolls increase to 223,000

Nonfarm payrolls increase to 223,000

Nonfarm payrolls increased 223,000, according to data released by the US Labor Department today.

This was a lower number than the 233,000 expected by analysts.

Unemployment rate fell two-tenths of a percentage point to 5.3 percent, the lowest since April 2008, due to 432,000 people dropping out of the labour force. The participation rate fell to 62.2%, after reaching a four month high of 62.9% in May.

The markets have remained relatively steady, and in the light of the new figures the Fed are unlikely to hike rates any sooner than before the release.