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

Date	Event	Surv(M)	Actual	Prior	Revised
11/03/23	Two-Month Payroll Net Revision	—	-101k	—	—
11/03/23	Change in Nonfarm Payrolls	180k	150k	336k	297k
11/03/23	Change in Private Payrolls	145k	99k	263k	246k
11/03/23	Change in Manufact. Payrolls	-10k	-35k	17k	14k
11/03/23	Unemployment Rate	3.80%	3.90%	3.80%	—
11/03/23	Average Hourly Earnings MoM	0.30%	0.20%	0.20%	0.30%
11/03/23	Average Hourly Earnings YoY	4.00%	4.10%	4.20%	4.30%
11/03/23	Average Weekly Hours All Employees	34.4	34.3	34.4	—
11/03/23	Labor Force Participation Rate	62.80%	62.70%	62.80%	—
11/03/23	Underemployment Rate	—	7.20%	7.00%	—
11/03/23	S&P Global US Services PMI	50.9	—	50.9	—
11/03/23	S&P Global US Composite PMI	—	—	51	—
11/03/23	ISM Services Index	53	—	53.6	—
11/03/23	ISM Services Prices Paid	56.6	—	58.9	—
11/03/23	ISM Services Employment	53.5	—	53.4	—
11/03/23	ISM Services New Orders	51.5	—	51.8	—

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