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- Nov, 20 USD Graphic Rewind
- Nov, 20 Opening Comment
- Nov, 20 Overnight Interest Rate Update 11.19.09
- Nov, 19 Japanese Yen Benefits on Risk Aversion, New Zealand Dollar Falters
- Nov, 19 U.K. Public Budget Posts Highest Short-Fall Since 1993
- Nov, 19 Overnight Interest Rate Update 11.19.09
- Nov, 18 Swiss Franc Strengthens on U.S. Dollar Weakness, British Pound Falters
- Nov, 18 Canadian Consumer Prices Expand for the First Time in 5 Months
- Nov, 18 Opening Comment
- Nov, 18 Overnight Interst Rate Update 11.18.09
- Nov, 17 British Pound Remains Bid, Canadian Dollar Underperforms
- Nov, 17 U.K. Inflation Tops Forecast
- Nov, 17 Overnight Interest Rate Update 11.17.09
- Nov, 17 USD Graphic Rewind
- Nov, 16 Canadian Dollar Outperforms, Japanese Yen Lags Behind
- Nov, 16 Euro-Zone Consumer Prices Weaken For Fifth Month in October
- Nov, 16 Overnight Interest Rate Update 11.16.09
- Nov, 13 US Confidence Falls for Second Month
- Nov, 13 Overnight Interest Rate Update 11.13.09
- Nov, 13 German GDP Posts 2nd Quarterly Advance; Rises to 0.7%
The Labor Department reported that US non-farm payrolls fell by 190,000 in October, which was the smallest drop since August 2008, but was also slightly worse than forecasts for a drop of 175,000.
However, the initial rallies in the US dollar and Japanese yen, along with the plunge in S&P 500 futures, were indicative of risk aversion in response to the surge in the unemployment rate to 10.2 percent, the highest since April 1983, from 9.8 percent. Nevertheless, sentiment turned more positive by the time the New York trading session got going, as the DJIA and S&P 500 were both up slightly within a few minutes of the market open, suggesting that the slowing pace of job losses has resonated more than the pop in the unemployment rate.
A closer look at the employment report showed that any improvements in the labor market have been contained to part-time jobs, as the part-time worker unemployment rate slipped to 6.1 percent from 6.4 percent, while the full-time worker unemployment rate rose to 11.1 percent from 10.7 percent. Meanwhile, goods-producing firms let go the most workers, as the sector lost 129,000 jobs, while the services sector lost 61,000, led by trade and transport firms. The only sectors to increase job levels were in temporary business services along with education and health.
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