Non-Farm Payroll (NFP) Report

The U.S Jobs report came in hot and heavy, with a much higher than expected 261K new Non-Farm Payroll (NFP) jobs report for October. Notable gains occurred in health care, professional and technical services and manufacturing across the U.S. Stronger-than-expected employment data saw the Fed’s focal point, the unemployment rate rise from 3.5% to 3.7%, with hourly earnings year on year in line with expectations. The S&P 500 has attracted buyers after the announcement and has seen the benchmark index higher by over 1 % on the day.