According to Odaily, a research report by CITIC Securities indicates that the U.S. nonfarm payrolls for October 2024 fell short of expectations. The primary contributors to job growth were the healthcare services and government sectors, while durable goods manufacturing and temporary help services were significant drags on employment numbers. The nonfarm payroll data for October was notably affected by external factors such as Hurricanes Helene and Milton, as well as the Boeing Company strike.
Overall, the U.S. job market showed signs of moderate weakening, yet wage growth remained robust, and there were no significant layoffs by companies. This suggests that the employment market remains healthy. The October nonfarm payroll data continues to support the notion of a 'soft landing' for the economy. CITIC Securities maintains its previous forecast, anticipating two more 25 basis point interest rate cuts by the Federal Reserve within the year.
