The October jobs report, with only 12k nonfarm payrolls added, was sharply skewed by factors like strikes and hurricanes, offering noise but little signal.
Weather-related job losses contributed to a rise in average hourly earnings by 0.4% MoM, showcasing how temporary factors distorted labor market indicators this month.
Despite the disappointing jobs figures, the stability of the unemployment rate at 4.1% suggests the market interprets these numbers as temporary disruptions.
Market movements following the jobs report indicate a waning significance of such data releases, as investors focus more on the upcoming presidential election.
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