According to Friday’s Jobs report by the Bureau of Labor Statistics, the US added 165,000 jobs in October, far exceeding economists’ expectations and underscoring the labor market’s resilience despite the Federal Reserve’s recent rate hikes.
The unemployment rate edged down to 4.1% as labor force participation rose slightly. September’s disappointing jobs report, which initially showed 29,000 additions, was also revised up to 60,000 jobs.
Wage growth increased 0.4% from September, better than expectations for 0.3% month-over-month growth. Annual earnings rose 3.1%, beating expectations, but likely still lower than the current rate of inflation.
U.S. Treasury yields jumped following the stronger-than-expected jobs report. .
The benchmark 10-year Treasury yield rallied more than 6 basis points to 4.903%.
The long-dated 30-year Treasury bond rose 5 basis points to 5.302%. Meanwhile, the 2-year Treasury note yield was up 6 basis points at 4.539%.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Economists originally projected a gain of about 70,000 jobs in October.
By CEO NA Editorial Staff
