Traders Still Expect Fed Rate Cut Despite Shocking Jobs Report Miss
Traders Still Expect Fed Rate Cut Despite Shocking Jobs Report Miss The latest U.S. employment report for October, released Friday, has sparked mixed reactions in the markets, with traders still anticipating a rate cut from the Federal Reserve, despite the disappointing job numbers. Here are five key takeaways from the report: Hiring Slows Significantly: The U.S. economy added just 12,000 jobs in October, far below the 100,000 jobs economists had expected. This marks the slowest pace of hiring since 2020. The job growth was also revised downward for the previous two months, indicating a broader slowdown in employment. Despite this, the unemployment rate remained stable at 4.1%, and hourly earnings showed no significant change, remaining firm. Boeing Strike Drives Job Losses: One of the key contributors to the weak report was a strike by Boeing workers, which led to a 44,000-job loss in the transportation sector. Manufacturing payrolls saw a substantial drop, with 46,000 jobs lo...