Independent Strategy

USUS October Payrolls & Wages

Solid payrolls report with 128k jobs added, with the strong upward revisions to September and August, which further dampened concerns about the labour market slowdown.  Clearly there has been a deceleration in job creation, but it looks pretty mild based on these rough estimates (employment date subject to heavy annual revisions so not the best indicator of the real-time health of the labour market at potential turning points).

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