Critical US non-farm payrolls data released

Non-farm payrolls in the US exceeded expectations.

• Expected to increase by 250K, non-farm payrolls rose by 263K in September.
• Unemployment rate fell from 3.7% to 3.5%.
• Wages came in within expectations with 0.3% mom and 5% yoy.

The US Bureau of Labor Statistics pointed out that non-farm payrolls data collection was completed before Hurricane Ian. Therefore, the hurricane did not have a noticeable impact in the last month. The unemployment rate was 3.5% in the last month, back to the July level and the number of unemployed fell to 5.8 million in September. The number of long-term unemployed (those unemployed for 27 weeks or more) changed little in September. At 1.1 million, the long-term unemployed accounted for 18.5% of total unemployment. The labor force participation rate was little changed at 62.3% in September.

Positive Data for the Fed

On November 2, the Fed will announce its interest rate decision, and September inflation and employment figures are of utmost importance. In this sense, the first data, employment, came in better than expected. Especially the decline in the unemployment rate supports the Fed's view that the employment sector has room for interest. The inflation rate will be announced next week.

Dollar on the rise

After the positive data, the dollar index exceeded 112.70, while ounce gold fell more than 1% to $1,690. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!