U.S. non-farm employers added 214,000 jobs on a seasonally adjusted basis during October, a bit below consensus forecasts but also the ninth straight month in which job gains have exceeded 200,000. The last time the Bureau of Labor Statistics had employers adding 200,000 workers for at least nine consecutive months was in 1995.
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Three takeaways From the past week:
- Non-farm payrolls grew by at least 200,000 jobs for a ninth straight month, the first time that has happened in 19 years.
- Lower demand for U.S. goods overseas led to the largest trade deficit since last May.
- Two reports from the Institute for Supply Management point to solid activity in both the manufacturing and service sectors.
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