US Job Growth Surges in October as Unemployment Falls
US employment accelerated in October with payrolls jumping by 165,000 jobs. The unemployment rate dropped to 4.1 percent as labor market participation increased. Financial markets reacted by pricing in a higher likelihood of a Federal Reserve rate hike.
Insights:
Nonfarm payrolls in the United States jumped by 165,000 jobs in October as the unemployment rate fell to 4.1%. The stronger-than-expected employment report signals renewed momentum in the labor market following mid-summer weakness. Investors are now pricing in a 76.8% probability of a Federal Reserve rate hike next month.
