Independent Strategy

USMacro Data – US October Non-farm Payrolls

October has delivered a more robust payrolls report, non-farm employment rising 531k (mkt 450k) while private sector jobs growth hit 604k (mkt 400k).  Manufacturing payrolls were particularly strong, with a 60k gain while government jobs dropped for a third consecutive month, -73k.  The revisions were also strong (September revised up from 194k to 312k and August was also revised higher.  The average monthly revision is now running at 68k for the past 12-months.

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