Unemployment ticked up to 4.2% in September. Does the Nov 6 jobs report show it still at 4.2%?
75% of users predicted YES — the community missed this one. 8 predictions cast.
The Bureau of Labor Statistics' October employment report, released Friday, Nov. 6, showed the unemployment rate fell to 4.1% from September's 4.2%, according to CNBC. Nonfarm payrolls rose by 165,000, far exceeding Wall Street forecasts of roughly 59,000 to 65,000 jobs, Fox Business reported. Private employers added 159,000 jobs and government payrolls grew by 6,000. The BLS also revised August's gain up to 186,000 from 133,000 and September's up to 60,000 from 29,000, a combined upward revision of 84,000 jobs.
The stronger-than-expected report followed a soft September reading, when payrolls had grown by just 29,000 and the jobless rate had ticked up to 4.2%. Average hourly earnings rose 0.4% for the month and 3.1% over the year, while the broader U-6 underemployment measure climbed to 7.9% from 7.6%, pointing to some underlying softness even as the headline numbers improved. Treasury yields rose on the data, and coverage noted the strength complicated the case for a Federal Reserve rate cut in December.
The Predict Six community got this one wrong: 75% of forecasters expected the rate to hold at 4.2%, but it instead improved to 4.1%.