Data from the US Labor Department showed on Friday that American economy added 261K new jobs in October. This is the biggest monthly increase in nonfarm payrolls (NFP) this year, although it missed the consensus forecast of 314K. NFP for September was revised to the upside from -33K to +18K. Payrolls recovered as people resumed work that was interrupted by hurricanes Harvey and Irma.
The US unemployment rate declined last month to 4.1% from 4.2% in the previous month. This is the lowest level of the indicator since 2000. However, what’s more important, average hourly earnings stagnated after rising by 0.5% in September. This may be partly explained by the return of the lower-paying industry workers. Annual wage growth slowed down from 2.9% to 2.4%. This may concern some of the Fed’s policymakers. Yet, as the average NFP gains during the past 3 months account for 162K, the Federal Reserve will still be expected to raise interest rates on December 13 for the third time this year.
The USD index fell to 94.30 on the news before recovering to 94.60. The impact of bad weather makes it harder to analyze the US labor market figures. However, most economists seem optimistic. The specialists expect that the previous trend in hiring will be restored, though at a slower pace.
In June, German business confidence slipped to its lowest value for more than a year, thus dropping a hint that the mood among company executives in the EU’s number one economy is worsening as the world is getting closer to a full-fledged trade conflict…
The Australian corporate regulator might require playing a greater role in regulating agricultural finance considering the absence of redress options for borrowers, as it shifted its attention to Australia’s $50 billion farm sector…
In June, American private sector activity speeded down, as follows from survey data uncovered on Friday…
On Monday, Asian shares shook off a sluggish start and stabilized, with Japan outperforming on positive earnings…
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…
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