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US non-farm payroll much worse than anticipated and wages shrink

EURUSD News by Newsroom on 08:55 November 03, 2017 EST
The U.S. economy added 261,000 jobs last month. That was the largest gain since July 2016, but was below economists’ expectations of a gain of 310,000 jobs.

The unemployment rate ticked lower at 4.1% against expectations for a steady at 4.2 percent.

Wage growth again disappointed, with earnings actually off by 1 cent an hour and showing just a 2.4 percent annualized gain.

The biggest gain in employment came from the hospitality industry, with jobs at food and drinking businesses up by 89,000, bouncing after the hurricanes. Professional and business services contributed with 50,000 new jobs to the total and manufacturing added 24,000 while health care increased by 22,000.

Data for September was revised upward to reflect payrolls rising by 18,000 instead of falling by 33,000 as previously reported.

On a positive note people who want to work but have given up searching or working part time because they cannot find full-time employment, dropped to 7.9 percent last month, the lowest level since December 2006, from 8.3 percent in September.