US DATA: Oct employment report continues to show weakness but overall
gives a stronger tone than expected, with Oct payrolls +80k but
up-revisions to Sep-Aug at +102k. Unemploy rate remains elevated at 9%
but -0.1pt MOM with improvement in teens and women. Hours rose and pvt
AHE +3c for +1% YOY, implying income and production gains. Payroll
composition: Mfg +5k, construction -20k, retail +17.8k, finance +4k,
leisure +22k (+12.8k in restaurants), health +11.6k, but govt -24k as
state & local education fell. Overall, not so bad but also not yet a
robust report.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Oct +80k —- +1.02% 101.7 9.0% (9.0124%)
Sep +158k +103k +1.99% 101.3r 9.1% (9.0847%)
Aug +104k +57k +1.78% 100.8 9.1% (9.0935%)