US October non-farm payrolls +165K vs +65K expected

Prior was +29K (revised to +60K) Two-month net revision +84K Unemployment rate 4.1% vs 4.2% expected Prior unemployment rate 4.2% Unrounded unemployment 4.141% vs 4.1753% prior Participation rate 61.9% vs 61.8% prior U6 underemployment rate 7.9% vs 7.6% prior Average hourly earnings +0.4% m/m vs +0.3% expected Average…

This is a beat from bottom to top and the wage growth will certainly make the Fed look twice.

They will get another jobs report before the December 9 FOMC but this one will certainly make it more likely that they will hike rates.

If there is a hint of weakness in the report is the rise in U6.

Part-time for economic reasons rose +339k to 4.84M.

Almost all of it came from “slack work or business conditions” (+356k).

US 2-year yields are up 4.5 bps on the day to 4.52% and USD/JPY is up 72 pips to 158.38.

S&P 500 futures are still slightly higher but I think the stock market is focused on things other than macro at the moment.

Note that last month was a soft one across the board so there isn't necessarily momentum here but there are no real signs of weakness, especially considering that most of the pre-NFP jobs data was also strong for October.

Residential specialty contractors are -36k y/y, including -15.2k in October alone.

From investingLive