November 3, 2023 Headlines

The US added 150,000 jobs in October, 30,000 fewer than expected. Additionally, the prior two months were revised lower, subtracting 101,000 jobs in total. The labor participation rate fell to 62.7%, its first decline in a year, while the unemployment rate ticked up to 3.9%. Average weekly earnings also slowed to 0.2% last month, down 0.1% from the prior two months. Overall, the jobs report paints the picture of a cooling labor market which may be viewed as a positive by the Fed.

Hafizan Hamzah
Senior Director, Investment Management Group

11/03/23Two-Month Payroll Net Revision-101k
11/03/23Change in Nonfarm Payrolls180k150k336k297k
11/03/23Change in Private Payrolls145k99k263k246k
11/03/23Change in Manufact. Payrolls-10k-35k17k14k
11/03/23Unemployment Rate3.80%3.90%3.80%
11/03/23Average Hourly Earnings MoM0.30%0.20%0.20%0.30%
11/03/23Average Hourly Earnings YoY4.00%4.10%4.20%4.30%
11/03/23Average Weekly Hours All Employees34.434.334.4
11/03/23Labor Force Participation Rate62.80%62.70%62.80%
11/03/23Underemployment Rate7.20%7.00%
11/03/23S&P Global US Services PMI50.950.9
11/03/23S&P Global US Composite PMI51
11/03/23ISM Services Index5353.6
11/03/23ISM Services Prices Paid56.658.9
11/03/23ISM Services Employment53.553.4
11/03/23ISM Services New Orders51.551.8


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