United States: Labor market conditions improve in October
Total non-farm payrolls increased by 531,000 in October, following September’s 312,000 increase in payrolls. Employment gains occurred in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing.
The unemployment rate ticked down to 4.6% in October from 4.8% in September, and the labor force participation rate was stable at 61.6% in October. Hourly earnings rose 0.4% month-on-month in October (September: +0.6% mom), while annual wage growth accelerated to 4.9% from 4.6%.