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BULLET: US DATA REACT: JPM economist Michael Feroli noted....

Release date: 03 Nov 2017

BULLET: US DATA REACT: JPM economist Michael Feroli noted....


US DATA REACT: JPM economist Michael Feroli noted that the US nonfarm employment
"increased 261,000 in October as the prior month's hurricane effect unwound. The
October increase was about 50,000 shy of expectations, though those expectations
were formed when September was reported as losing 33,000 jobs. That figure was
revised up by 51,000 to 18,000 (August was also revised higher) and so the
September-October average job gain was right in line with expectations; in
addition, the three-month average gain of 162,000 jobs per month is about in
line with the robust average increase seen over the past year."
- He noted the "average workweek was unchanged at 34.4 hours, but average hourly
earnings disappointed by coming in flat on the month, taking the year-ago
increase down from 2.8% to 2.4%. Labor market slack diminished further in
October, as the unemployment rate declined another tenth to a low-side 4.1%
(4.065%). The upside surprise in the participation rate seen over the past few
months unwound in October, as this measure stumbled 0.4%-point down to 62.7%."

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