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NFP: Strong beat! But does it matter?
The US added 531,000 non-farm jobs to the economy in October, stronger than the +455,000 that was forecasted. The September print was revised higher from +194,000 to +312,000, which makes the headline print more like +649,000! In addition, the Unemployment Rate fell to 4.6% vs 4.7% last. Average Hourly earnings was +0.4% vs +0.6% last. This is the 7th month in a row of positive earnings. This is the type of employment data the Fed was looking for when they met 2 days ago and decided that it was time to begin tapering bond purchase program at a rate of $15 billion per month. However, there is one piece of data from ... (full story)
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