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The October jobs report missed expectations on Friday but was likely solid enough to help Democratic presidential nominee Hillary Clinton‘s case for the American economy.
The US economy added 161,000 jobs in October, fewer than the 173,000 expected. Additionally:
- The Mexican peso climbed after the jobs report
- The dollar jumped after the jobs report
- Wages grew at the fastest pace since the financial crisis
- Labour force participation ticked down
- Bond traders didn’t like the jobs report
While the headline number may have been lacklustre, the fact that it is still growing may be enough for Clinton’s argument. A positive change in jobs added between the first and third quarters is generally correlated with a victory for the incumbent party.
That said, the Trump campaign disagreed.
Election aside, the jobs report provided the Fed with a strong case for raising rates in December.
Here are the top Wall Street headlines at midday.
Whole Foods is spiking following a report that a major shareholder wants to make big changes — The shareholder reportedly met with potential activist investors to discuss changing the retailer’s management and probably selling the company.
Oil rig count climbs by 9 — The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.
The Turkish lira plunged to a record low after Turkey arrests pro-Kurdish opposition leaders — Reuters reports that the co-leaders of the Peoples’ Democratic Party (HDP), Selahattin Demirtas and Figen Yuksekdag, were jailed pending trial after being held in overnight raids.
GoPro plunged after reporting big misses on earnings, sales, and guidance — GoPro shares fell 14% in early trading on Friday after the company reported quarterly earnings results that were worse than analysts had expected.
Crude oil is going wild amid more OPEC rumours — Crude oil has been all over the place on Friday as rumours concerning OPEC production continue to swirl.
Steve Wynn’s latest rant was probably misdirected — During his company’s third-quarter investor call on Wednesday billionaire casino mogul Steve Wynn went on one of his infamous rants.
Nobody wants to buy this bizarre house in a wealthy San Francisco suburb — but you can rent it for $750 a night — The strategy to sell a bizarre home in Hillsborough, California, is changing course.
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