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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