NFP Rise by 638K in October

Nonfarm Payrolls (NFP) in the US rose by 638,000 in October, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed September’s increase of 672,000 (revised from 661,000) and beat the market expectation of 600,000.

Further details of the publication revealed that the Unemployment Rate dropped to 6.9% from 7.9% in September and came in better than analysts’ estimate of 7.7%. Moreover, the Labor Force Participation Rate edged higher to 61.7% from 61.4% and the Average Hourly Earnings rose by 4.5% on a yearly basis.