According to the Bureau of Labor Statistics in the US, the unemployment rate in the country has increased by 0.1 percentage point in October.
The findings of the Employment Situation Summary are inlined with the consensus market forecasts, which projected the unemployment rate to appreciate to 3.6 per cent in October from the recorded 3.5 per cent the prior month.
There has been, however, a positive surprise in the total nonfarm payroll employment which has risen by 128 000.
These results exceeded the initial forecasts of only 90 000 newly created jobs in October.
US Unemployment Rate. Image source: TradingEconomics.com
Positive revisions in the recorded labour market performance for the months of August and September have also been made since the previous releases.
“The change in total nonfarm payroll employment for August was revised up by 51,000 from +168,000 to +219,000, and the change for September was revised up by 44,000 from +136,000 to +180,000. With these revisions, employment gains in August and September combined were 95,000 more than previously reported.”
Excluding the marginal growth in net unemployment, October’s positive performance of the labour market in conjunction with the recorded job gains in the previous two months have all contributed to the across the board strong NFP report.
As a consequence, the stock market has gained momentum during Friday’s trading session, and major indices are now close to historical highs.
The price of the Dow Jones Industrial Average has appreciated by 1.11 per cent to 27347, which is just 51 index points lower than the highest recorded price.
Dow Jones Industrial Average 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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