Employment in the United States rose by 261,000 in Oct, according to the latest data from the U.S. Bureau of Labor Statistics.
This figure came in higher than estimates of 200,000-205,000, indicating that the labor market remains resilient. However, unemployment also came in higher than expected at 3.7%, rather than the anticipated 3.5%.
Markets Buoyed By News
While higher unemployment is typically perceived as negative, with regard to its implications for inflation, the markets responded positively. Futures for the Dow Jones Industrial Average rose some 0.6%, those for the S&P 500 0.7%. Meanwhile, Nasdaq 100 futures also bumped up 0.8%.
