Top of the Morning: October Jobs Report, and the week ahead
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As we close out the trading week, Brian and Paul weigh in on the latest jobs data, and what it means for the health of the US economy, along with the course ahead for monetary policy. Plus, we review CIO’s current allocation recommendations, and preview what you can expect in the
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The latest U.S. employment data suggests a continuing softening in the labor market, with November seeing a job addition of 227,000 versus a consensus of 220,000, but a rise in the unemployment rate to 4.2% indicates potential challenges ahead. Per the full note from UBS, the three-month average for job growth has improved to 173,000 from a low of 123,000 last month, but the overall trend seems to point towards moderation. As the Fed assesses this labor market backdrop while preparing for 2025, traders should be mindful of potential impacts on currency movements, especially in key pairs like USD/EUR.