U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

[poweRob]

This horrific recession just keep dragging on. /s

U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.

www.cnbc.com

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

 

[Moon]

Always good to see when people who need work find jobs.

 

[Callen]

Yes, and inflation is showing signs of easing and consumer spending is holding strong.

 

[bongsaway]

This horrific recession just keep dragging on. /s

U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.

www.cnbc.com

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

And yet all the market futures are down this morning.

 

[Callen]

And yet all the market futures are down this morning.

Yes, because a good job report means the Fed will stay the course on interest hikes although maybe not aggressively. The markets want to see a cooling and this is still a fairly hot jobs market.

 

[Threegoofs]

This horrific recession just keep dragging on. /s

U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.

www.cnbc.com

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

I’ve been told that this economy is a disaster and has been since Jan 21,2021.

Weird how the numbers never support that.

 

[dmpi]

A hot job market is a double edge sword. It needs to be good enough for the unemployed to find work. But not so good that companies are overbidding for labor.

 

[vegas giants]

And yet all the market futures are down this morning.

It's actually a bad sign

 

[poweRob]

A hot job market is a double edge sword. It needs to be good enough for the unemployed to find work. But not so good that companies are overbidding for labor.

America doesn't have a problem with the working class being overpaid.

 

[vegas giants]

America doesn't have a problem with the working class being overpaid.

The problem is when wage growth happens to quickly. But in general I agree with you

 

[dmpi]

America doesn't have a problem with the working class being overpaid.

Oh really? Then who's doing all the consumer buying and driving up prices? When your labor cost is driving up prices especially in a period of inflation then we have a problem.

 

[bongsaway]

A hot job market is a double edge sword. It needs to be good enough for the unemployed to find work. But not so good that companies are overbidding for labor.

Tell me that's a tongue in cheek comment? How dare the labor force want a piece of the pie, they should be happy they even have a job. Sound familiar? How about greed is good? Do more with less...loved that one. Yes the poor heads of business are suffering so while the working masses want more and more.

 

[dmpi]

Tell me that's a tongue in cheek comment? How dare the labor force want a piece of the pie, they should be happy they even have a job. Sound familiar? How about greed is good? Do more with less...loved that one. Yes the poor heads of business are suffering so while the working masses want more and more.

What's stopping workers from also being stockholders? Most are.

 

[vegas giants]

Oh really? Then who's doing all the consumer buying and driving up prices? When your labor cost is driving up prices especially in a period of inflation then we have a problem.

Inflation comes from the pace of wage gains not from high wages

 

[Michael Cole]

Pardon my confusion, but that was last month's report. The new report has updated the October numbers to 284,000, and November's numbers are better than expected at 263,000. UE rate remained the same at 3.7%.

The US jobs market keeps beating the odds, adding another 263,000 jobs in November

The increase beat the forecast from economists but was lower than October's revised figure, while unemployment held steady at 3.7%.

www.businessinsider.com

 

[RedFishBlueFish]

The problem is when wage growth happens to quickly. But in general I agree with you

An article in Barron's agrees with you. https://www.barrons.com/livecoverage/stock-market-today-120222dd?mod=article_inline

"Wages grew 5.1% year over year, up from 4.7% last month.

Relatedly, one of the problems in markets on Friday is that the wage number was too high. The jobs add was higher-than-forecast, but it was still roughly half of August’s jobs gain. Higher wages, a result of an absence of available workers, incentivize companies to lift prices in order to protect their profits, keeping overall inflation elevated.

"The freakout in the markets, both bonds and stocks, is being driven by the upside surprise in wages,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group."

Barron's also points out that the higher jobs numbers supports the Fed keeping rates higher for longer.

""The better-than-expected jobs report is good news for the American worker, and bad news, at least short-term, for risk assets as it supports a hawkish monetary policy by the US Federal Reserve,” wrote Tim Holland, chief investment officer at Orion Advisor Solutions.'

 

[Helix]

One of these months, Republicans will get a bad jobs report to rejoice over.

 

[dmpi]

Inflation comes from the pace of wage gains not from high wages

Inflation is caused when people are overbidding for consumer goods. Also money that people spend doesn't necessarily come for working. The goverment hands out boatloads of cash and runs a 85 billion dollar annually deficit.

 

[RedFishBlueFish]

Pardon my confusion, but that was last month's report. The new report has updated the October numbers to 284,000, and November's numbers are better than expected at 263,000. UE rate remained the same at 3.7%.

The US jobs market keeps beating the odds, adding another 263,000 jobs in November

The increase beat the forecast from economists but was lower than October's revised figure, while unemployment held steady at 3.7%.

www.businessinsider.com

Correct. OP is a month behind.

The U.S. added 263,000 jobs in November, higher than the expected 200,000 and lower than the upwardly revised October jobs gain of 284,000. The unemployment rate remained at 3.7%. Wages grew 5.1% year over year, up from 4.7% last month.

 

[bongsaway]

What's stopping workers from also being stockholders? Most are.

One ignorant statement after another. You do of course have facts to back up that statement?

 

[vegas giants]

Inflation is caused when people are overbidding for consumer goods. Also money that people spend doesn't necessarily come for working. The goverment hands out boatloads of cash and runs a 85 billion dollar annually deficit.

If high wages caused inflation then the US would always have high inflation relative to Asia. It doesn't

It is the pace of change that causes the problem

 

[highroller]

And yet all the market futures are down this morning.

Wall Street is not the US Economy. I don’t know where people get this stuff. It’s more like a casino than an investment

A lot of companies got addicted to cheap money and they are going to go bankrupt. That’s why you see Elon and Kathy Wood screeching like cats

 

[Airyaman]

One of these months, Republicans will get a bad jobs report to rejoice over.

Probably why a certain "conservative" flounced out of here last month. He just couldn't get that bad jobs report he was so looking forward to sharing with us.

 

[bongsaway]

Wall Street is not the US Economy. I don’t know where people get this stuff. It’s more like a casino than an investment

Maybe it was the obsession trump had with the markets and how he loved to tout the great numbers that were all due to him? Wall street is about making money for those who work on wall street. The best an individual can do is hope to find a good financial advisor and let time do the rest.

 

[dmpi]

One ignorant statement after another. You do of course have facts to back up that statement?

Google "how many Americans have stock?". 56% of households have stocks.