CBA Economics Daily Alert: Headline US payrolls growth came in slightly worse than expected at +214k for October (consensus +235k)

CBA Economics Daily Alert: Headline US payrolls growth came in slightly worse than expected at +214k for October (consensus +235k). The two month revisions are +34k, which makes up for the consensus forecast miss. The unemployment rate fell 0.1% to a new cycle low of 5.8%, as the highly volatile household measure came in at a massive +683k, while the participation rate actually edged 0.1% higher to 62.8%. The Fed's full employment measures take an unemployment range of 5.2% to 5.8% as the main guide. Overall, the report shows solid jobs growth and unemployment continues to fall. US wage growth remains slow, rising just 0.1% mom to 2.0% yoy and not indicative of inflationary pressure. (VIEW LINK)