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Analysts at Nomura note that the US nonfarm payroll employment increased 250k in October, well-above expectations (Nomura: 175k, Consensus: 250k), consistent with healthy incoming data in recent months.

Key Quotes

“Hiring activity in goods-producing industries accelerated notably with a 67k gain, driven by a sharp acceleration in manufacturing (+32k). Service-providing industries also contributed solidly to the topline numbers, adding 179k.”

“Hurricane Michael appeared to have little impact on the report but payback from Hurricane Florence appears to have boosted October’s NFP reading: employment growth in accommodation and food services rebounded to +33k after a 14k loss in September, likely a result of businesses returning to normal operations after temporarily shutting down during Hurricane Florence.”