Published, Friday, November 19. 2021 6:30 am EST

by Richard Cason,
@newsmmforex 
@nnmforex
in
Richard F. Cason

Currency Analyst
NewsMovesMarketsForex

KEY TAKE AWAYS

  •  U.S. Jobs surge to 531,000 new jobs added to the U.S. Labor Markets for the Month of October 2021
  •  October 2021 Labor participation rate remains flat and unchanged at 61.6 percent 
  • Unemployment rate produces three consecutive months of improvement drops to 4.6% for the month of October 2021
  • Joblessness for Blacks stays flat at  7.9%  for the Month of October 2021,  no change from the previous month 
  • Positive Job Gains in Leisure and hospitality, professional services, manufacturing, business services, warehousing, transportation. 

Non-farm payrolls catapult to 531,000 new jobs added to the U.S. Labor markets for the month of October 2021.  The U.S. Jobs market appears to be heading in the right direction with significant widespread employment growth in the areas of Leisure and hospitality, manufacturing, transportation and warehousing sectors. 

“Oh Boy, what a difference a month could make, if one compared what occurred in September 2021 Job’s report analysis.”  Be sure to catch the full in-depth story here (U.S. Jobs Report Falls 194,000 Job, Unemployment 4.8% Sep) .

    Unemployment remains consistent as it smoothly trickles down .2 percentage points to 4.6 percent keeping pace with three consecutive months of improvements in the rate of employment. 

Black unemployment remains flat with no improvement remaining at 7.9% in the month of October 2021. According to Fed Chair Jerome Powell in a press conference held earlier this month states that, “…joblessness continues to fall disproportionately on African American’s and Hispanic’s”.  Hispanic Oct unemployment rate reports 5.9 percent with slight to light improvement  from than the previous month.

 BLS did also reported that the Labor Participation rate displayed no movement from the previous month coming in at 61.6 percent for October an remains in a tight range of 61.4% to 61.7% since June 2020.  Among the Major worker groups,

” Furthermore, BLS states that, among those not in the Labor force who wanted a job, the number of persons marginally attached to the labor force was little changed at 1.7 million in October. The number of discourage workers, a subset of the marginally attached who believed that no jobs were available for them, was essentially unchanged over the month at 455,000.”

         

                                                             “WHATS UP WITH THE MARKET”

 

Currency Markets reactions to Job numbers overtime has been mixed and sporadic with the U.S. Dollar index currently trading up .49% trading at 96.99 as of this writing, a full 2 percent points higher than the September Job report currency reaction.  Check out the full story here (U.S. Jobs Report Falls 194,000 Job, Unemployment 4.8% Sep) .

 

The mainstream currencies are reflecting a choppy UK mid-day market session with the EUR weakening across a broad currency board spectrum, USD stronger than the EUR trading at 1.1293 (EURUSD -.64% down) CAD stronger than the EUR trading at 1.42889 (EURCAD -0.28% down) 1.2646 (USDUSD -.37% up), CHF weaker than the Dollar trading at .9271 (USDCHF .05% up on the day. AUD weaker than the U.S. Dollar trading at 0.7242 down -0.44% – AUDUSD on the trading day.              

 (COVID  ) Impact on the U.S. Economy

As of this date there have been 710,000 deaths and 48,398,455 million infection cases, recovered 38,330,073 reported in the U.S. related directly to the Coronavirus pandemic.  Which has shown an increase by 79,000 more deaths and over 4 million more infection cases than reported the previous month of September 2021.   

According to the Bureau of Labor and Statistics in September 13.2 percent of employed persons teleworked from home because of the coronavirus pandemic.  Also, five million people reported that they had been unable to work because their employer closed or lost business due to the pandemic.    

October 2021 Jobs report

According to the U.S. BLS  the sectors that suffered and incurred significant job losses throughout the Labor markets are reflected in September employment data: Public education continued two consecutive months of declined month over month.  
 
The employment sectors that showed decent improvements in the U.S.  Labor market were, Professional and business services increased by 100,000 news jobs, leisure and hospitality increasing by 164,000 jobs in October, a 90k jump from the previous month reporting. Manufacturing employment added 60,000 new jobs in October as well as construction employment rising by by +44,000.
 
The change in August 2021 NFP release employment was revised up by 117,000, from +366,000 to +483,000,   and the change for September was revised up by 118,00, from +194,00 to +312,000. August and September combined is 235,00 higher than previously reported.    

 

  •  Additionally, according to the United States Bureau of Labor Statistics ...Please click here to see the previous month 2021 Major Workers Group Data) …The unemployment rates for October 2021 Major Worker Groups..Adults men 4.3%, – slightly lower than September 2021 at 4.7%  Adult women 4.4% -slightly lower than Sep 2021 which was 4.2%,  Teenagers 11.9% – slight lower than Sep 2021 rate of 11.5%, Whites 4.0% – tiny fraction lower than the previous month of  Sep 2021 4.2%, Blacks  7.9% –  remains flat exact the same as Sep 2021 7.9% rate, Asians 4.2% remains  flat exactly the same ..Sep 2021 rate of 4.2%, and Hispanics 5.9% -slightly lower than Sep 2021 rate of 6.3%.
 
 

 Reference:   U.S. Bureau of Labor and Statistics. (2020). Employment Situation Summary Retrieved                     from   https://www.bls.gov/news.release/empsit.nr0.