The solid employment figures were bolstered by previous months' revisions, which added another 84,000 jobs, while hundreds of thousands of new workers entered the labor pool. Although average hourly earnings posted their sharpest monthly jump since January, the yearly wage increase of 3.1% continued to trail inflation for the seventh straight month. The hiring surge came on the heels of midterm elections where economic discontent shifted congressional power to Democrats. With the broader economy expanding at a 3.4% annual pace, officials believe the market can absorb further central bank intervention.
Key points
Investors boosted the likelihood of a Federal Reserve interest rate increase in December…: Investors boosted the likelihood of a Federal Reserve interest rate increase in December to 77 percent.
Annual wage gains of 3.1 percent continued to trail the rate of inflation for the seventh…: Annual wage gains of 3.1 percent continued to trail the rate of inflation for the seventh consecutive month.
The domestic economy expanded at a healthy 3.4 percent annual pace across the third quart…: The domestic economy expanded at a healthy 3.4 percent annual pace across the third quarter despite high gas prices.
Sources checked by our analysis pipeline: 1
WASHINGTON: US employers created a surprising 165,000 new jobs last month and the unemployment rate dipped to 4.1%.
The hiring was far stronger than the 65,000 new jobs that economists had expected.
The jobs report comes three days after voters delivered a stunning defeat to President Donald Trump and his Republican Party in midterm elections. Frustrated with the state of the economy - and especially the high cost of living - Americans handed full control of the U.S. Congress to the Democrats.
Labor Department revisions added 84,000 new jobs in August and September.
The unemployment rate fell even though 421,000 people entered the labor force.
Average hourly wages rose 0.4% from September, the biggest month-over-month gain since January.
"This was a blowout jobs report,'' said Angelo Kourkafas, senior global strategist at Edward Jones. "Payroll growth exceeded expectations, revisions were positive, the unemployment rate fell, participation improved, and wage growth strengthened.''
The strong job gains will likely be seen at the Federal Reserve as further confirmation that with hiring healthy, policymakers can continue to focus on combatting inflation. The central bank…
Wall Street analysts are expanding their coverage in the biotechnology space with an optimistic perspective on newly evaluated therapeutic developers. Guggenheim's formal initiation signals favorable expectations for the company's clinical prospects. Market participants often look to such endorsements to gauge future pipeline viability and institutional sentiment.
Equity markets in Warsaw experienced widespread selling pressure through the end of the day's session. Investors pulled back, resulting in a broad downturn across the exchange that impacted major traded shares. The decline underscores weakened market momentum as trading wrapped up.
Investors in Copenhagen saw major equities lose ground by the end of the day's market action. The retreat across the primary Danish exchange pulled the country's top benchmark firmly into negative territory. These losses reflected broad downward momentum among the premier shares listed on the domestic exchange.