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US Non-Farm payrolls data for September released yesterday, showing a stronger than anticipated rebound in overall hiring, despite a 0.1% increase in unemployment. Higher levels of construction, education and Governmental hires back in September all helped to bring the figure up.
A particular shame about Government workers, who must have been unpleasantly shocked when they found themselves on furlough only a few weeks later.
For now, it was a stronger NFP figure than was expected, although the incline in unemployment could become concerning if it continues. In the mind of the market, yesterday lowered the chances of a Fed cut from 43% to just 37%, although, we still have data to see in early December yet.
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