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Ahead of next week's election, nonfarm payroll employment increased by 161,000 in October while the jobless claim rate was 4.9 percent, according to Bureau of Labor Statistics data. The job additions were lower than the 175,000 expected by the market. However, this is slightly higher than the preceding month’s 156,000.
Some of the key data:
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- So far in 2016, employment growth averaged 181,000 per month.
- Employment in Health care increased by 31,000 in October.
- Professional and business services added 43,000.
- Financial activities increased 14,000.
- Average hourly earnings for employees of private nonfarm payrolls increased by $0.10 to $25.92 in October on top of an $0.08 gain in September.
Little changes in employment in big industries like mining, construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, leisure and hospitality and government.
There was no change in average workweek for all employees of private nonfarm payrolls of 34.4 hours in October.
Following the report, SPDR S&P 500 ETF Trust (NYSE: SPY) gained 0.20 percent to $209.19. The SPDR Gold Trust (ETF) (NYSE: GLD) fell about 0.2 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.