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Thomson Reuters
Nov 02 - 11:00 AM
USD: Oct NFP: Higher Than Expected Gains In Jobs & Annual Wage Increase USD Positive - CIBC
First appeared on eFXplus on Nov 02 - 08:45 AM

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

"Hiring heated back up after the hurricane-impacted prior month, and wage inflation pushed over 3% despite only a trend-like monthly advance. The 250K gain in jobs was 50K above the consensus, and came after a downwardly revised 118K advance in the prior month which was dampened by weather disruptions.

Often following such a disruption, we don’t just see an overshoot in job growth relative to the underlying trend, but also an undershoot of wages as lower-paid temporary workers re-enter the count. That didn’t happen to quite the extent that we were anticipating this October, as the 0.2% monthly increase (while slightly below the recent trend) matched the consensus forecast and took the annual rate up above 3% (to 3.1%)," CIBC notes. 

"Overall, a higher than expected gain in jobs and annual wage increase above 3% should be positive for the US$ and negative for fixed income," CIBC argues. 

Source:
CIBC Research/Market Commentary

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