Thank you for joining us. Here are five key takeaways from the US October employment report, which was released on Friday: Employment advanced last month at the slowest pace since 2020. Nonfarm payrolls increased by 12,000 last month, following a downward revision of the previous two months. The unemployment rate remained at 4.1% and hourly earnings remained flat. More importantly, the BLS said hurricanes would likely impact payrolls in some industries, but said it was not possible to determine the net impact on the monthly change in national employment, hours worked or earnings estimates, the BLS also said He noted that the collection rate of the corporate survey that informed these statistics was “well below average.” Employment in health care and government increased, but employment in other industries was flat or largely negative. All sectors declined, including retail, transportation and warehousing, and leisure and hospitality – likely due to weather-related disruptions; Employment in the manufacturing sector fell by 46,000, the largest decline since April 2020 and largely reflecting strike activity, including 33,000 Boeing workers. Treasuries, which had just hit their worst monthly decline in nearly two years, rose after the release, with two-year yields down about 8 basis. Points as of 9:02 a.m. in New York. Stock futures also rose, a day after the biggest decline in nearly two months amid some earnings disappointments. S&P 500 futures rose 0.5%. There was little change in the dollar.
October 2024 US jobs report: Live news on employment and payrolls
