Heat coming out of US labour market; Oct payrolls undershoots

Summary: Non-farm payrolls up 150,000 in October, less than expected; previous two months’ figures revised down by 101,000; jobless rate ticks up to 3.9%, participation rate slips to 62.7%; Westpac: US labour market in robust structural health, although heat coming out; employed-to-population ratio falls to 60.2%; underutilisation rate up; annual hourly pay growth slows to 4.1%. The US economy ceased producing jobs in net terms as infection controls began to...

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