Nonfarm payrolls +261k in Oct, private jobs.>

US DATA: Nonfarm payrolls +261k in Oct, private jobs +252k, both below 

expectations, but +90k net revision to Aug-Sept jobs. Unemp rate -0.1 to 

4.1% (low since Dec. 2000), though participation rate -0.4 to 62.7% as 

household employed and unemployed both down. U-6 unemployment rate -0.4 

to 7.9%. Average hourly earnings flat vs +0.5% in Sept for y/y rate of 

+2.4%. Food services and drinking places jobs +89k after -98k in Sept. 

Overall, the data suggest the hurricane impact was bad, but not as bad 

as previous reported, so the rebound was not as signifcant as expected. 

The drop in the unemp rate was due to a decline in participation, but 

will still be noticed by markets and the Fed. See MNI main wire.