Non-farm payroll data for October disappointed estimates of a 180k coming in at a 150k. In addition, the unemployment rate rose slightly from 3.8% to 3.9% while average hourly earnings posted mixed figures, rising year on year but cooling slightly month on month.
The data comes after the FOMC meeting earlier this week where the Fed maintained its hawkish stance but sprinkled in dovish concerns around the ongoing tightening (via elevated US yields) and the potential for a change in economic fortunes into year end.
