美国10月非农就业点评：飓风罢工夹击，就业仅增1.2万

Employment Data Summary - In October, the U.S. non-farm payrolls added only 12,000 jobs, significantly below the expected 113,000, with the previous month's figure revised down to 223,000[1] - The unemployment rate remained steady at 4.1%, aligning with expectations and the previous value[1] - The labor force participation rate decreased to 62.6%, slightly below expectations and down from 62.7% in the previous month[1] Wage and Hourly Data - The year-on-year growth rate of average hourly earnings in October was 4.0%, matching expectations, while the month-on-month increase was 0.4%, exceeding the expected 0.3%[1] - Average weekly hours worked remained unchanged at 34.3 hours, consistent with the previous month[1] Sector-Specific Employment Changes - Job losses were concentrated in the goods-producing sector, which saw a decrease of 37,000 jobs, with manufacturing alone losing 46,000 jobs due to strikes, notably at Boeing where 33,000 workers were affected[2] - Government employment increased by 40,000 jobs, while the service sector added only 9,000 jobs, with significant declines in leisure and hospitality[2] Market Implications - The October employment data is expected to have a limited impact on market interest rate cut expectations, with a 95.6% probability of a 25 basis point cut in November remaining largely unchanged[4] - The data reflects a continued slowdown in the labor market, which may ease previous inflationary expectations following strong GDP and PCE inflation data in Q3[4]