Prior was +254K (revised to +223K)Two-month net revision:-112KUnemployment rate: 4.1% vs 4.1% priorUnrounded unemployment rate: 4.145% vs 4.0510% priorParticipation rate: 62.6% vs 62.7% priorPrivate payrolls +12K vs +223K priorPrior private payrolls +223K revised to +223KU6 underemployment rate: 7.7% vs 7.7% prior (unchanged)Average hourly earnings: +0.4% vs +0.4% priorPrior avg hourly earnings: +0.5% (unrevised)Average hourly earnings y/y: 4.0% vs 4.0% priorAverage weekly hours: 34.3 vs 34.3 priorChange in manufacturing payrolls: -46K vs -7K priorGovernment jobs: +40K vs +31K priorFull time: -164K vs +631K priorPart time: -227K vs -201K prior
Overall payroll growth slowed sharply to just +12K in October with manufacturing employment down -46K largely due to strike activity. The BLS said it wasn’t able to quantify the effects of the hurricane but the market is likely to be forgiving due to those impacts.
In any case, this is certainly the final green light for the Fed to cut rates next week.
If anything, the two-month revision is what stands out to me. Looking back at August, it was originally reported at +142K and that’s now down to 78K. That’s not because of a strike or a hurricane.
This article was written by Adam Button at www.forexlive.com.
