Breaking: US Nonfarm Payrolls rise by 638K in October vs. 600K expected
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Nonfarm Payrolls (NFP) in the US rose by 638,000 in October, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed September's increase of 672,000 (revised from 661,000) and beat the market expectation of 600,000.
Further details of the publication revealed that the Unemployment Rate dropped to 6.9% from 7.9% in September and came in better than analysts' estimate of 7.7%. Moreover, the Labor Force Participation Rate edged higher to 61.7% from 61.4% and the Average Hourly Earnings rose by 4.5% on a yearly basis.
Market reaction
The US Dollar Index rose modestly from daily lows and is currently down 0.25% on the day at 92.40. Meanwhile, the S&P 500 futures continued to erase its daily losses on the upbeat data and was last seen losing 0.5%.
Follow our live coverage of the NFP report and the market reaction.
Additional takeaways from the press release
"The employment-population ratio increased by 0.8 percentage point to 57.4% in October but is 3.7 percentage points lower than in February."
"Among those not in the labor force who currently want a job, the number of persons marginally attached to the labor force, at 2.0 million, was about unchanged in October."
"The average workweek for all employees on private nonfarm payrolls was unchanged at 34.8 hours in October."
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