US unemployment falls to 5.8%

Data released overnight shows that the US labour market continued to improve in October. A total of 214,000 new jobs were added to the non-farm payrolls and, in a separate survey, the unemployment rate fell to 5.8% (from 5.9%).

Although the jobs number was somewhat lower than the market had been expecting that disappointment was offset by upward revisions totaling 31,000 to the past 2 months and the fact that the Participation Rate nudged higher (to 62.8 from 62.7). Although earnings were also up the rate of increase remains modest; average earnings now sit 2% higher than they were a year ago, only slightly above the current rate of inflation (+1.7%).

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