The final US employment report before the presidential election was released on Friday.
US employers added 161,000 non-farm payrolls in October, which was a bit lighter than the 173,000 expected by economists.
This was driven by the addition of 142,000 private payrolls. Notably, manufacturing payrolls fell by 9,000 during the period.
The
unemployment rate fell to 4.9% from 5.0% a month ago. This was largely
attributable to the 195,000 Americans that dropped out of the labor
force, which brought the labor force participation rate down to 62.8%
from 62.9%.