With 128,000 new jobs, the US labor market data (October) turned out better than expected (forecast was 85,000 new jobs). The two previous months were revised upwards by a total of 95,000 jobs. The strike at GM has deducted 36,000 jobs from the October figure. In Manufacturing, however, 36,000 jobs were lost.
US hourly wages are +0.2% compared to the previous month and +3.0% compared to the same month of the previous year (forecast was +0.3% compared to the previous month and +3.0% compared to the same month of the previous year; previous month was +0.4% and +2.9%).
The US unemployment rate is 3.6% (forecast was 3.6%; previous month was 3.5%).
The participation rate is 63.3% (forecast was 63.2%; previous month was 63.2%).
We will analyse the data in more detail in a follow-up article.