US September payrolls “a big miss”; Fed November taper likely anyway

Summary: Non-farm payrolls increase by 194K in September; well below expectations; previous two months’ figures revised up by 169K; jobless rate down to 4.8%, participation rate ticks down to 61.6%; “a big miss” but upward revisions, lower jobless rate, higher hourly wages counteract; jobs-to-population ratio increases to 58.7%; jobs growth “should be sufficient” for Fed to taper; underutilisation rate falls from 8.8% to 8.5%; annual hourly pay growth increases to...

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