Created
: 2024.11.01
2024.11.01 23:20
The tiny 12k payroll employment gain in October was heavily distorted by the impact of hurricanes, a large strike in the manufacturing sector, and an unusually low initial survey response rate, RBC' economists note.
"The unemployment rate was likely a 'cleaner' read on labour markets in October, and it was unchanged from September and still slightly below levels in the summer."
"Underlying details are still consistent with a softening in labour markets - permanent layoffs rose and downward revisions knocked 112k off payroll employment growth in August and September - but still at a very gradual pace that is consistent with a 'normalization' from unusually low unemployment levels rather than a faltering."
"Interest rates are still likely higher than they need to be for inflation to return fully back to the Fed's 2% inflation target, and today's data helps to reinforce our expectation that the Fed will cut rates by 25 basis points next week."
Created
: 2024.11.01
Last updated
: 2024.11.01
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