Non-farm employment in the USA exceeded expectations

The US Department of Labor announced the employment report for October. Accordingly, employment in non-agricultural sectors in the country increased by 165 thousand people in October. Non-agricultural employment, which exceeded market expectations, was expected to increase by 65 thousand people in this period.

Employment increased in the professional and business services, transportation and warehousing, and healthcare sectors.

An upward revision was made in the August and September data regarding non-agricultural employment. The employment increase in August was revised from 133 thousand to 186 thousand, and the employment increase in September was revised from 29 thousand to 60 thousand. With these revisions, total employment in August and September was 84 thousand more than the previously announced figure.

UNEMPLOYMENT RATE HAS DECREASED

The unemployment rate in the USA decreased by 0.1 points to 4.1 percent in October. Market expectation was that the unemployment rate would be 4.2 percent, as in September.

The number of unemployed people in the country decreased by 41 thousand to 7 million 68 thousand in October. The labor force participation rate increased by 0.1 points, reaching 61.9 percent.

The average weekly working time remained unchanged in October, reaching 34.4 hours. Average hourly earnings, which are carefully monitored by the US Federal Reserve, increased by 0.4 percent on a monthly basis and 3.1 percent on an annual basis in the same period, reaching 38 dollars.

Market expectations were for average hourly earnings to increase by 0.3 percent monthly and 2.9 percent annually. Average hourly earnings increased by 0.3 percent on a monthly basis and 3.2 percent on an annual basis in September.