The U.S. nonfarm payrolls rose 638,000 in October, more than expected 530,000, according to the Bureau of Labor Statistics, press release. The unemployment rate declined to 6.9% from September’s 7.9%, and better than expected 7.7%.
- The biggest job gains was 271,000 recorded in the leisure and hospitality, the hardest-hit sector during the pandemic
- October’s total nonfarm employment was 6.6% below the February level
- The number of unemployed people was 11.1 million, representing a 1.5 million fall from the September level.
- The labor force participation rate rose 0.3% to 61.7% in October, despite being 1.7% below the February level.
- The total employment level rose by 2.24 million, while the employment to population ratio increased by 0.8% to 57.4%
- The total unemployed level declined by 1.52 million and a 541,000 drop in those considered not in the labor force.
- The average hourly earnings for private nonfarm payrolls rose 4% to $29.50 while the hourly earnings for private-sector production and nonsupervisory employees rose by 5 cents to $24.82
- Private job creation was 906,000, up from September’s 892,000
Fig 1: Monthly Job Growth
Fig 2: U.S. Unemployment Rate
U.S. stocks and the dollar are currently declining. DJI is down 0.50%, SPY is down 0.46%, S&P 500 is down 0.55% EURUSD is up 0.28%
