Unemployment in the US fell to 4.9% in October as the number of people in employment increased and despite a rise in the participation rate. According to the US Bureau of Labor Statistics, 161,000 new jobs were created, less than the 173,000 expected. However, it was the 2.8% rise in average hourly earnings which attracted attention, as it is the highest annual rate since 2009. US 10 year bonds fell from 1.81% to 1.76% on the day but the move was probably more a reflection of Donald Trump’s likely chance of winning the presidential election in light of FBI investigation of Hillary Clinton.
