It’s Jobs Friday! – article

It’s Jobs Friday!

Jobs, Jobs, Jobs. All eyes turn to the Labor Department for its update on the how many jobs the U.S. economy produced last month.

The labor market suffered a rough ride in October, largely driven by the strike at GM, and there’s few betting on an upside surprise.

Economists’ forecast that the U.S. economy created about 89,000 jobs in October, down from 136,000 a month earlier, while the unemployment rate is expected to have inched up to 3.0%.

Wage growth is expected to slow to 0.3% in October from a month earlier, but pick up the pace to 3.6% year-on-year.

At 10:00 AM ET (14:00 GMT), meanwhile, the Institute of Supply Management will release its measure of manufacturing activity for October.

The ISM manufacturing purchasing manager’s index (PMI) is predicted to have increased to a reading of 48.9.

Construction spending data will follow on the heels of the manufacturing data, with economists forecasting spending growth of 0.2% in September from the prior month. 

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