© Reuters. UE rate hits lowest since 2000 alongside big slide in labor force participation
- Alongside 261K jobs added in October, September’s 33K job loss was revised to a gain of 18K, and August’s 169K jobs added was revised up to 208K. Adding it all up, we’ll call the report inline on that basis.
- The unemployment rate did fall to 4.1%, but that came thanks a big decline in labor force participation to 62.7% from 63.1%. The U-6 unemployment rate fell to 7.9% from 8.3%. A year ago, it was at 9.5%.
- The average workweek was flat in October at 34.4 hours. Average hourly earnings of $26.53 dipped by a penny, and rose 2.4% on a Y/Y basis.
- The Street’s verdict at the moment says “miss,” with the 10-year Treasury yield down two basis points to 2.33%. TLT +0.2%, TBT -0.4%
- The dollar (NYSEARCA:UUP) has moved modestly lower, and gold (NYSEARCA:GLD) has added about $5 per ounce.
- Previously: 261K jobs added in October, UE rate drops to 4.1% (Nov. 3)
- Now read: The Gold Surge Is Here