October delivered a 271k increase in US non-farm payrolls, with a net 12k increase in the previous two months' data; and a 320k increase in household employment which drove the unemployment rate down to 5%.
The participation rate, for once, stayed still at 62.4%. This drags the 3-month average payroll gain back up to 187k and the six month to 215k, close to the 3-year average of 223k.
Annual employment growth comes is at just over 2% now, enough to propel the economy forwards at a annualised rate of rate of ‘2-point-something'. Indeed, if you can reach your lilac-shaded glasses, 2.5% wage growth with headline CPI stagnant surely does something for spending even if Americans are much less spendthrift than they were.
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