LABOR LIFT
11/09/2026 |
The US added 165,000 jobs in October, August/September were upwardly revised 84,000, the unemployment rate fell from 4.2% to 4.1%, and the labor force participation rate improved from 61.8% to 61.9%. This is as good as it gets. However, pay growth declined trivially to 3.12% Y-o-Y to $38/hour, down from 3.16% in September, and continues to lag inflation. All else equal, this report green-lights a 25bps Fed hike in December.