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Decent US jobs growth, but it should be so much better
The October US jobs report is very good with payrolls rising 531k versus 450k consensus while there was a chunky 235k upward revision to the past couple of months of data. Private payrolls were particularly good at 604k, with manufacturing up 60k, leisure & hospitality up 164k and professional/business services up 100k. Employment is still 4.2 million below February 2020s pre-pandemic level of 152.5mn, but we have to remember that the US economy had lost more than 22 million jobs at the lowest point. The household survey showed a 359k increase in employment and a 255k decrease in unemployment, which was enough to get ... (full story)