🚀 October Nonfarm Payroll Data Expected To Reflect Strikes And Hurricanes Impact
#OctoberNonfarmPayroll #FederalReserve #Inflation #MaximumEmployment #CitiGroup #BoeingStrike #Hurricanes #USeconomy #EmploymentNumbers #UnemploymentRate
According to BlockBeats, on November 1, the Federal Reserve has not yet declared victory in its fight against inflation, but policymakers have shifted some focus to the maximum employment aspect of their dual mandate. Citigroup economist Veronica Clark stated in a recent report that the October nonfarm payroll data will be crucial in confirming or denying the strength seen in September's data. However, it may not be sufficient to shift market attention back to the risk of a U.S. economic recession. The October data is expected to reflect the ongoing Boeing strike and the impact of hurricanes. Clark estimates these factors will reduce employment numbers by 70,000 to 80,000. Citigroup's outlook on the nonfarm payroll data is more moderate than the general consensus, predicting an increase of 90,000 jobs and a slight rise in the unemployment rate to 4.23%. Additionally, Citigroup noted that any downward revisions to the September data could be more significant than usual.#OctoberNonfarmPayroll #FederalReserve #Inflation #MaximumEmployment #CitiGroup #BoeingStrike #Hurricanes #USeconomy #EmploymentNumbers #UnemploymentRate
🚀 US October Nonfarm Data Falls Short Due to Hurricanes and Strikes
#US #NonfarmPayroll #EmploymentData #Hurricanes #Strikes #LaborMarket #FederalReserve #InterestRates #EconomicOutlook
According to Odaily, a research report by China International Capital Corporation (CICC) indicates that the United States' nonfarm payroll data for October was weaker than expected, partly due to the impacts of hurricanes and strikes. The hurricanes forced a significant number of people to evacuate, leading to a notable decrease in response rates to business surveys. This resulted in a sharp decline in employment in the leisure and hospitality sectors, with a surge in the number of people unable to work due to weather conditions. Additionally, strikes led to a significant reduction in manufacturing employment. However, these disruptions are considered temporary, and their effects may reverse in the coming months. Overall, the U.S. labor market is gradually cooling down without showing signs of rapid deterioration. Considering the overall economic data, it is predicted that the Federal Reserve will cut interest rates by 25 basis points next week, continuing the normalization of monetary policy, though the pace of rate cuts may not be as aggressive as previously anticipated by the market.#US #NonfarmPayroll #EmploymentData #Hurricanes #Strikes #LaborMarket #FederalReserve #InterestRates #EconomicOutlook