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US jobs report: Unemployment decreases, jobs beat forecasts

US jobs report: Unemployment decreases, jobs beat forecasts

Today, the US economy released data from the government jobs report for the non-agricultural sector, which showed during the month of October that new jobs rose by more than expected, which pushed the unemployment rate to decline.

The new jobs increased during the month of October in the US economy by 638 thousand jobs, higher than the expectations of 595 thousand jobs and the previous reading was 661 thousand jobs.

As for the unemployment rate, it retreated during the past month to record 6.9%, after the previous reading was witnessing a rise in unemployment by 7.9%, and expectations were for an increase to 7.7%. This average hourly wage stabilized at the level of 0.1%, unchanged from the previous reading, where expectations were for an increase of 0.2%.

The dollar index, which measures the performance of the federal currency against a basket of six major currencies, continued to decline for the fourth consecutive session, and reached its lowest level in nine weeks at 92.24 after opening today's trading at the level of 92.74.

Tensions continued in the financial markets as the US presidency race to remain undecided, while the Democratic candidate, Joe Biden, is close to winning, thereby pushing the US dollar lower.


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