Summary
- US October nonfarm payrolls increased by 165,000, far exceeding the market forecast of 65,000.
- October's unemployment rate came in at 4.1%, 0.1 percentage point below both the market forecast and the previous reading of 4.2%.
- US average hourly wages rose 0.4% from the previous month in October, topping both the forecast and the prior reading of 0.3%.
Forecast Trend Report by Period
US nonfarm payrolls rose far more than expected in October.
Data released on November 6 showed the US economy added 165,000 nonfarm jobs in October. That was well above the market forecast for an increase of 65,000 and higher than the previous reading of 60,000.
The unemployment rate stood at 4.1% in the same period, 0.1 percentage point below both the market forecast and the prior reading of 4.2%.
Wage growth was also stronger than expected. Average hourly earnings in the US rose 0.4% from the previous month in October, topping both the market forecast and the prior reading of 0.3%.
Stronger-than-expected job growth and wage gains indicate the US labor market was more resilient than markets had anticipated.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.