Independent Strategy

USUS October Payrolls

October Non-farm payrolls number came in at +638k (mkt +600k), leaving the 3m average at +934k.  But the private payrolls number comfortably bettered expectations once again at +906k vs. 690k mkt.  Manufacturing payrolls grew but not as much as hoped (+38k vs. +50k est) while we saw another month of government job losses, -268k following on from -220k in Sep.  Revisions overall were slightly positive though

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