October Jobs Preview: Crashing Back To Earth

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by Tyler Durden
Friday, Nov 03, 2023 - 10:12 AM

The week's final economic megaevent is upon us.

At 8:30am, the BLS is expected to report that October payrolls rose by 180k, crashing back to earth from the prior month's (laughable) 336k print (which saw 1.1 million part-time jobs added and 885K full-time jobs lost), with analyst forecasts ranging between 125-285k. The unemployment rate is seen maintaining a 3.8% pace, while wages are expected to accelerate to 0.3% from 0.2% sequentially, with the annual rate seen easing to 4.0% from 4.2%.