Breaking
US October Nonfarm Payrolls Rise 165,000, Beating Forecast by Wide Margin
Summary
- US October nonfarm payrolls increased by 165,000, far exceeding the market forecast for a gain of 65,000.
- The unemployment rate stood at 4.1% in the same period, 0.1 percentage point below both the forecast and the previous reading of 4.2%.
- US average hourly earnings rose 0.4% in October from a month earlier, beating both the market forecast and the previous reading of 0.3%.
US nonfarm payrolls rose far more than expected in October.
Data released on November 6 showed nonfarm payrolls increased by 165,000 in October. That was well above the market forecast for a gain of 65,000 and higher than the previous reading of 60,000.
The unemployment rate came in at 4.1%, 0.1 percentage point below both the market forecast and the previous reading of 4.2%.
Wage growth also topped expectations. Average hourly earnings in October rose 0.4% from a month earlier, above both the market forecast and the previous reading of 0.3%.
Stronger-than-expected job growth and wage gains suggest the US labor market was more resilient than markets had anticipated.
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