US Jobs Data Shows Mixed Signals
In contrast, employment in October declined by 105,000, and the drop in nonfarm payrolls for August was revised upward from 4,000 to 26,000. The gain in September’s employment figures was also adjusted downward from 119,000 to 108,000.
Average hourly earnings recorded a modest growth of 0.1% month-on-month and rose 3.5% year-on-year, reaching $36.86 during the same period.
The combination of rising unemployment and the downward revisions for August and September has created uncertainty in expectations surrounding the Fed’s monetary policy, even as November’s nonfarm payrolls exceeded forecasts.
Zafer Ergezen, a futures and commodity markets specialist, told a news agency that the Fed is carefully monitoring subsequent economic data following the release of employment statistics.
Ergezen added that “the Fed may deem the rise in unemployment negatively, and be prompted to feel pressured into cutting rates,” while noting that additional pressure could originate from the US President Donald Trump administration specifically.
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