U.S. employers hired at a strong pace last month, and revisions showed the labor market weathered hurricane damage better than previously estimated.
Disappointing was wages, it failed to break out, rising +2.4% from a year earlier, a slowdown from last month.
Payroll growth was significantly stronger than previously estimated in recent months. Upward revisions showed +90k more jobs were added to payrolls in August and September than previously reported.
September hiring was revised to a gain of +18k from an initial estimate of down -33k. When combined with August and September’s job growth, data show the economy added jobs over the last three months at a pace of +162k a month.
Despite being a strong print, it did not beat market expectations. The dollar is trying to gain some traction across the board (€1.1663, £1.3030 and ¥113.34), with the one exception CAD (C$1.2742).
Canadian Job Market on Fire
Canada added jobs (+ 35.3k) in October at a stronger-than-expected pace amid a slowing economic backdrop, with full-time employment surging and wage gains accelerating for a second straight month.
The unemployment rate rose from a post crisis low of +6.2% to +6.3%, but that was due to more young people searching for work.
October’s advance marked the 11th straight month of job gains, which is the longest streak in over a decade. All of the net new jobs added were in the private sector and of the full-time variety, which tend to offer higher pay and steady benefits compared with part-time work.
The ‘loonie’ has strengthened across the board +0.64% to C$1.2729 outright and +0.74% EUR/CAD to €1.4832.