U.S jobs growth disappoints again

U.S jobs growth disappoints again

The figures that came from the October non-farm payrolls showed that the US has stalled on job growth for a second month in a row. Although the unemployment rate dropped to 4.8% from 5.2%, the world's largest economy added just 194,000 jobs in September, which was 366,000 below economists' 500,000 estimate. There was a resurgence in the Hospitality and Leisure Sector which took a tumble in August, however public education numbers dropped by 161,000, with the working from home model that arose from the pandemic still proving to be popular amongst all sectors. Wage growth increased by 19 cents to an average of $30.85 dollars/hour, further suggesting the continued rising demand for labour as a result of pandemic recovery has driven wages higher. Overall, this jobs data is major fuel for the tapering debate fire, and the view that Jay Powell can't scale back on enormous monetary stimulus soon seems the more tenable point of view, for the moment.