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October Nonfarm Payrolls Beat Expectations

US DATA
MNI (Washington)
  • U.S. nonfarm payrolls grew 638,000 in October, above market expectations for a 593,000 gain, according to figures released Friday by the Bureau of Labor Statistics.
  • The unemployment rate slipped by a full percentage point to 6.9%, below forecasts for an unemployment rate of 7.6%.
  • Private payrolls rose 906,000 in October, mainly driven by gains in service-producing industries like leisure and hospitality (+271k) and professional business services (+208k). Temporary help services grew by 108,700 in October from 21,800 in September.
  • Government payrolls fell by 268k in October after falling 220k in September.
  • Average hourly earnings rose 0.1% in October, below expectations for a 0.2% gain. Earnings were up 4.5% from a year earlier.
  • The length of an average workweek held steady at 34.8 hours.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com

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