— more to come
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October’s Non-Farm Payrolls report was expected to show an increase of only 89,000 jobs after 136,000 in September. The main reason for the downward drag stems from the long strike at General Motors. Nevertheless, the broader picture is of a gradual slowdown in net increases.
Wage growth was forecast to rise by 0.3% monthly and 3% yearly, better than the disappointing figures in September. The Unemployment Rate carried expectations for a minor rise from the 50-year low of 3.5% last time to 3.6% now.
The US Dollar has been on the back foot ahead of the publication, following the Federal Reserve’s decision. The Fed all but ruled out rate hikes but left the door open to cuts in the medium term. The bank is set to leave rates unchanged in the short term.
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