US nonfarm employment fell short of expectations in October

In the US, non-farm employment increased by 150,000 people in October, below expectations.

The data, which was announced at 336 thousand last month, was revised to 297 thousand.​

79 economists polled by Reuters expected nonfarm payrolls to rise by 180,000 in October.

Labor force participation decreased from 62.8 percent to 62.7 percent in October.

The US Department of Labor announced that the unemployment rate in October rose to 3.9 percent. This rate was recorded as the highest unemployment rate after January 2022. Last month, the unemployment rate was announced to be 3.8 percent.

Economists polled by Reuters had forecast the unemployment rate would remain at 3.8 percent.

0.2 PERCENT INCREASE IN HOURLY WAGE

Average hourly wages rose 0.2 percent in October, versus an expectation of 0.3 percent. The annual rate of increase in average hourly wages was 4.1 percent.

Although the sectors related to health and social assistance managed to increase employment in October, the loss of employment of 350 thousand people in the manufacturing sector drew attention.

Bloomberg emphasized that the loss in the manufacturing sector in October was related to the strike in the automotive sector.

While the possibility of a further interest rate increase by the US Federal Reserve (Fed) diminished following the data, stock and gold prices were positively affected by this development.

While the ounce of gold increased by almost 1 percent to 2,004 dollars, the gram of gold broke a record with 1,830 TL.