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<ul><li><a href="https://www.forexlive.com/news/us-october-non-farm-payrolls-261k-vs-200k-expected-20221104/" target="_blank" rel="follow">Prior </a>was +200K</li><li>Unemployment rate 3.7% vs 3.7% expected</li><li>Prior unemployment rate 3.7%</li><li>Participation rate 62.1% vs 62.2% prior (was 63.4% pre-pandemic)</li><li>U6 underemployment rate 6.7% vs 6.8% prior</li><li>Average hourly earnings +0.6% m/m vs +0.3% expected (prior +0.4%, revised to +0.5%)</li><li>Average hourly earnings +5.1% y/y vs +4.6% expected (prior +4.7%)</li><li>Average weekly hours 34.4  vs 34.5 expected</li><li>Change in private payrolls +221K vs +190K expected</li><li>Change in manufacturing payrolls +14K vs +20K expected</li><li>Household survey -186K vs -306K prior</li><li><a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="nofollow">Full report</a></li></ul><p>USD/JPY was trading at 134.06 just before the data and has shot to 135.83 afterwards as part of a broad USD rebound. The wages number is a concern and could stoke second-round effects on inflation.</p><p>The terminal Fed funds top has moved up to 4.97% from 4.90% yesterday.</p><p>I worry about those household numbers, which were a big contrast to the establishment survey for the second month. </p>

                This article was written by Adam Button at forexlive.com.