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Job Market Bounces Back in October - Fed Rate Increase Now ...
Nonfarm payrolls rose 165,000, and unemployment fell to 4.1%, prompting traders to raise odds of a Federal Reserve rate hike to nearly 75%.
- Nonfarm payrolls climbed by a seasonally adjusted 165,000 last month, way above the 59,000 expected by the Dow Jones consensus, while the unemployment rate fell to 4.1%.
- Treasury yields surged following the report, with the 10-year benchmark rising above 4.9%, while the CME Group's FedWatch tool shows Federal Reserve rate-hike odds climbed to almost 75% from 67% on Thursday.
- Broad hiring gains included 70,000 jobs in Professional and business services, 28,000 in Education and health services, and 39,000 in Trade, transportation and utilities. ADP Chief Economist Dr. Nela Richardson noted the data suggests "solid growth."
- While headline unemployment decreased, The U-6 increased to 7.9% from 7.6%, as Mortgage Bankers Association senior vice president Mike Fratantoni observed some individuals took part-time work when preferring full-time positions.
- Recent strong data supports expectations for a Fed rate hike in December, though Realtor senior economist Jake Krimmel noted uncertainty remains about subsequent months given earlier hot inflation prints.
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11 Articles
11 Articles
Job Market Bounces Back in October - Fed Rate Increase Now ...
·Jersey City, United States
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Job creation in the U.S. exceeds expectations and allows Fed to increase interest – ECO Log in with Google Other social networks Your security is our priority We use secure connections and never share your data with third parties. Log in with ECO Premium Email Choose how you want to subscribe Instant access to all Premium content. Cancel whenever you want. Your browser is outdated! Update your browser to have better experience and view this site…
·Lisboa, Portugal
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Future contracts linked to the Fed's reference interest rate required a probability of about 80% increase of 0.25 percentage point
Coverage Details
Total News Sources11
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
Factuality
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