Nonfarm payrolls dropped 240,000 in October, below the forecast of a 200,000 job decline. September was revised from a loss of 159,000 to a decline of 284,000. This is the tenth-straight monthly decline. The unemployment rate rose from 6.1% to 6.5%, worse than the estimate of 6.3%. Average hourly earnings increased 0.2%, in line with expectations, and the year-over-year rate increased from 3.4% to 3.5%.
Wholesale inventories dipped 0.1% in September versus the consensus of a 0.3% rise. Sales were down a steep 1.5%.
Pending home sales for September showed a drop of 4.6% versus a 3.4% forecasted drop.
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