Breaking US Dollar Collapse News

Friday, November 6, 2009

US Unemployment Hits 10.2% and Dollar Rises?

Does this make sense to anyone? Please explain it to me in the comments section below, please. What, unemployed people will use up US dollars by setting them on fire to keep warm?
The dollar rose against most major currencies on Friday as safety-haven demand for the U.S. currency was boosted by high employment rate. The unemployment rate rose from 9.8 to 10.2 percent in October, the U.S. Bureau of Labor Statistics reported. It was the first time the unemployment surpassing 10 percent in 26 years. Most analysts have forecasted a slighter increase to 9.9 percent.

Nonfarm payroll employment continued to decline by 190,000 in October, the smallest decline since August 2008. The largest job losses over the month were in construction, manufacturing, and retail trade.

There were positive signs in the first significant increase in temporary employment in this cycle, and an increase in manufacturing overtime. Combined August and September job losses were 91,000 less than previously estimated.
SOURCE: Dollar rises as U.S. unemployment jumps above 10%_English_Xinhua

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