In October, only 12 thousand jobs were created in the US non-agricultural sector, which is significantly lower than the forecast of 113 thousand, according to the US Bureau of Labor Statistics (BLS). Job creation slowed in October to its lowest level since the end of 2020, as the impact of storms in the southeast and strikes by workers in several States weakened hiring plans. This was a sharp decrease from the revised 223,000 jobs in September. At the same time, the unemployment rate remained stable at 4.1%, and labor force participation decreased slightly to 62.6%. The average hourly wage increased by 4% y/y from the previous 3.9%. Unexpectedly low job growth put pressure on the US dollar, which fell 0.1% to reach 103.80 amid market expectations. Employment indicators play a key role in the decisions of the Federal Reserve System regarding future interest rate changes, which makes such reports important for dollar forecasts.
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