Highlights
Payroll jobs growth topped expectations for October. However, the unemployment rate edged up one tenth in October to 7.9 percent after dropping to 7.8 percent the prior month from 8.1 percent in August.
Payroll jobs in October increased 171,000, following a gain of 148,000 in September (originally up 114,000) and a boost of 192,000 in August (previous estimate of 142,000). The net revisions for August and September were up 84,000. Analysts projected a 125,000 rise for October.
Private payrolls increased 184,000 in October after gaining 128,000 the month before. Market expectations were for a 120,000 increase.
Wage inflation has been a little volatile in recent months but still on a slowing trend. Average hourly earnings were flat in October, following a 0.3 percent jump the month before. The consensus forecast a 0.2 percent rise. The average workweek was unchanged at 34.4 hours in October. Expectations were for 34.5 hours.
Turning to the household survey, the rise in the unemployment rate reflected a jump in the labor force of 578,000 while household employment rose 410,000. The number of unemployed rebounded 170,000.
On the news, equity futures rose.
Payroll jobs growth topped expectations for October. However, the unemployment rate edged up one tenth in October to 7.9 percent after dropping to 7.8 percent the prior month from 8.1 percent in August.
Payroll jobs in October increased 171,000, following a gain of 148,000 in September (originally up 114,000) and a boost of 192,000 in August (previous estimate of 142,000). The net revisions for August and September were up 84,000. Analysts projected a 125,000 rise for October.
Private payrolls increased 184,000 in October after gaining 128,000 the month before. Market expectations were for a 120,000 increase.
Wage inflation has been a little volatile in recent months but still on a slowing trend. Average hourly earnings were flat in October, following a 0.3 percent jump the month before. The consensus forecast a 0.2 percent rise. The average workweek was unchanged at 34.4 hours in October. Expectations were for 34.5 hours.
Turning to the household survey, the rise in the unemployment rate reflected a jump in the labor force of 578,000 while household employment rose 410,000. The number of unemployed rebounded 170,000.
On the news, equity futures rose.
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