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Employment data for October, 2019, link here:
- nonfarm payrolls, m/m change:
- prior: 136,000
- consensus: 90,000 (due to GM strike)
- actual: 128,000 -- wow
- unemployment rate
- prior: 3.5%
- consensus: 3.6%
- actual: 3.6% -- remains around the lowest in decades
- unemployment rate for minorities
- African-American: nudged lower to 5.4% -- a new record
- total employment: 158.5 million -- an all-time high
- average hourly earnings, y/y change: 3% gain, in line
- average work week unchanged at 34.4 hours (Obamacare mandate - 35 hours)
- average hourly earnings, m/m change
- prior: 0.0%
- consensus: 0.2%
- actual:
- but look at this -- prior data revised considerably higher:
- August's initial 168,000 estimate revised all the way up to 219,000
- September's intial 136,000 came all the way up to 180,000
- at current rate -- well above the pace needed to keep unemployment rate around its current level
- with numbers like this one has to wonder if "the Fed" misread the economy; why it had to cut rates again (this week); whether Trump actually goaded "the Fed" into acting
- market surges; Dow up 93 points
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