Nonfarm payrolls fell 190,000 in October, more than the estimate that called for a 175,000 decline. However, September was favorably revised to -219,000 from -263,000. The unemployment rate rose to 10.2% from 9.8%, above the consensus forecast calling for the rate to increase to 9.9%. Average hourly earnings increased 0.3%, versus the Street's forecast of 0.1%, and the average workweek remained flat at 33.0 hours, versus the estimate of an increase to 33.1.
The US Department of Commerce said that wholesale inventories fell 0.9% in September, a smaller decline than the consensus, which called for a 1.0% drop, and August’s 1.3% decline was left unrevised.
The Dow Jones Industrial Average rose 17 points (0.2%) to close at 10,023, the S&P 500 Index gained 3 points (0.3%) to 1,069, and the Nasdaq Composite advanced 7 points (0.3%) to 2,112. Crude oil was $2.19 lower at $77.43 per barrel, and the Bloomberg gold spot price added $5.20 to $1,095.50 per ounce. For the week, the DJIA gained 3.2%, the S&P 500 Index also climbed 3.2%, and the Nasdaq Composite was up by 3.3%.
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