USA: job creation well below expectations

(CercleFinance.com) - The US economy generated just 12,000 nonfarm jobs in October, according to the Department of Labor (DoL), well below economists' expectations of just over 100,000.


'Employment continued its upward trend in health care and government, while it declined in temporary help services, as well as in manufacturing due to strikes', explains the DoL.

However, the unemployment rate held steady at 4.1%, in line with expectations, while the labor force participation rate stood at 62.6%, and average hourly earnings rose by 4% year-on-year.

In addition, non-farm payrolls for the previous two months were revised, from 159,000 to 78,000 for August and from 254,000 to 223,000 for September, for a total revision balance of -112,000 for these two months.

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