SPY•U.S. nonfarm payrolls rose by 165,000 in October, compared with economists’ forecast of 65,000, while the unemployment rate fell to 4.1% from 4.2%. Average hourly earnings rose 0.4% from September and 3.1% year over year.
U.S. nonfarm payrolls increased by 165,000 in October, following gains of 60,000 in September and 186,000 in August. The Reuters survey forecast a 65,000 increase in October payrolls and a 64,000 rise in private payrolls; private payrolls rose by 159,000.
The unemployment rate declined to 4.1% from 4.2%. Average hourly earnings for private nonfarm workers rose to $38.00 from $37.86 in September, a monthly increase of 0.4% and a year-over-year gain of 3.1%, compared with the survey’s forecasts of 0.3% and 2.9%, respectively.
