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Nov 04 - 09:55 AM

USD: October NFP: Justifies Another Outsized Fed Rate Hike In December - CIBC

By eFXdata  —  Nov 04 - 08:58 AM

CIBC Research discusses its reaction to today's US jobs report for the month of October.

"The Fed is looking for signs of a cooling in the labor market, and the October data didn't deliver much on that front. The 261K jobs gained were well above the consensus expectation of 193K, and a +29K revision to the prior two-month job tally added to the upside. Hiring was somewhat widespread across industries, with health care, professional services, and manufacturing seeing notable gains. Wage growth accelerated to 0.4% m/m (vs. 0.3% m/m consensus), and while a 328K drop in employment on the household survey sent the unemployment rate up two ticks to 3.7% (vs. 3.6% expected), that still leaves it at a level last seen in August," CIBC notes. 

"Today's data still justifies another outsized rate hike at the December FOMC, unless the November data were to show a marked deterioration in labor market conditions," CIBC adds. 

Source:
CIBC Research/Market Commentary

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