US October payrolls beats expectations but jobless rate rises

04 November 2022

 

Summary: Non-farm payrolls up 261,000 in October, greater than expected; previous two months’ figures revised up by 29,000; jobless rate rises to 3.7%, participation rate slips to 62.2%; “not much ‘signal’ in the current movement”; jobs-to-population ratio slips to 60.0%; underutilisation rate up from 6.7% to 6.8%; annual hourly pay growth slows from 5.0% to 4.7%. The US economy ceased producing jobs in net terms as infection controls began to...

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