U.S. adds 165,000 jobs in October as unemployment falls to 4.1%
165,000 jobs added in October
The U.S. added 165,000 jobs in October, according to the government's Nonfarm Payrolls Report. This was higher than the 65,000 estimate reported by CoinDesk.
The unemployment rate fell to 4.1%. The forecast was 4.2%, and the rate was also 4.2% in September.
Main figures from the jobs report
- Jobs added in October: 165,000, compared with an estimate of 65,000.
- September job gain: revised up to 60,000 from 29,000.
- Unemployment rate: 4.1%, compared with a forecast of 4.2%.
- Average hourly earnings: up 0.4% in October, compared with a forecast of 0.3%.
- Average hourly earnings compared with a year earlier: up 3.1%, compared with 2.9% expected.
Bitcoin and other markets just after the release
Bitcoin traded at $75,800 shortly after the data. The price was described as down slightly.
Nasdaq 100 futures were up 1.5%. The 10-year U.S. Treasury yield rose 6.4 basis points to 4.894%. One basis point is 0.01 percentage point.
Betting on a December rate rise before the data
CoinDesk reported that traders had cut bets on a Federal Reserve rate rise in December. The odds had fallen to about 70% before the report, from about 95% weeks earlier. CoinDesk linked the change to a fall in the stock market.
Inflation data may matter more next week
The strong jobs report may lead traders to again expect a December rate rise. CoinDesk said next week's CPI and PPI reports will likely be more important for the Federal Reserve decision. CPI and PPI both measure changes in prices. CoinDesk also said whether the stock market stabilises will matter.
Sources
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