US non-farm payroll employment grew only 12k in October, well below expectation of 106k. That compares to average monthly gain of 194k over the prior 12 months.
Nevertheless, unemployment rate was unchanged at 4.1%, matched expectations. number of unemployed people was little changed at 7.0m. Participation rate ticked down from 62.7% to 62.6%.
Average hourly earnings rose 0.4% mom, above expectation of 0.3% mom. Annual growth of average hourly earnings ticked up from 3.9% yoy to 4.0% yoy.
