US adds 165,000 jobs in October, well above forecasts

: Agriculture, Crude oil, Metals
26/11/06

The US added 165,000 jobs in October, more than double the forecasts, and revisions for the prior two months put the labor market on a stronger trajectory than previously estimated.

Job growth in October compared with an upwardly revised 60,000 for September, from a prior 29,000, while August was revised up to 186,000 from 133,000, the Bureau of Labor Statistics (BLS) reported. That puts the three-month average at about 137,000 jobs, compared with 28,000 for the three months through July.

The stronger-than-expected jobs number could give the Federal Reserve more room to concentrate on bringing down inflation, with the labor market appearing more resilient than it did earlier this year. The Fed hiked its target rate by a quarter point to 3.75-4pc at its meeting in September, the first hike since mid-2023, and held it unchanged in October.

"Labor demand has gained momentum recently, but tighter financial conditions suggest a renewed slowdown is likely in 2027," Pantheon Macroeconomics' chief US economist Samuel Tombs says in a note. "The drag on office-based employment will intensify in 2027, given the steady increase in the number of businesses using AI."

Probability of a quarter point rate hike by the Federal Reserve in December rose to 79.4pc after the labor report compared with 67pc Thursday, according to the CME's FedWatch tool.

The unemployment rate ticked down to 4.1pc from 4.2pc. Average hourly earnings rose by 0.4pc on the month and by an annual 3.1pc in October.

Professional and business services added 70,000 jobs, compared with 8,000 in the prior month.

Healthcare added 42,000 compared with 18,000 the prior month.

Transport and warehousing added 25,000 jobs last month compared with 7,000 the prior month. Retail trade added 6,000 after a gain of 13,000 the prior month.

Manufacturing added 19,000 jobs compared with 13,000 the prior month and has added 101,000 jobs since a recent low in December 2025. Computer and electronic product manufacturing added 7,000. Semiconductor, component and navigational instrument jobs together added about 5,500. Primary metal manufacturing added 4,000 jobs.

Financial activities gained 7,000 after a loss of 14,000.

Construction lost 3,000 jobs after gains of 16,000. Leisure and hospitality lost 13,000 job, reversing a similar gain. Mining lost 1,000 jobs.

The Federal government lost 1,000 jobs following losses of 3,000 the prior month, while state and local government added 7,000 following losses of 15,000.

By Bob Willis

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26/11/06

ADI slab tolling fees unmanageable for buyers

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Mexico central bank cuts target rate to 6.25pc

26/11/05

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26/11/05

Mexico central bank cuts target rate to 6.25pc

Mexico City, 5 November (Argus) — Mexico's central bank (Banxico) on Thursday cut its benchmark interest rate by a quarter point to 6.25pc, its lowest level in more than four years. Banxico had held the rate unchanged over the past three decisions following a quarter-point cut to 6.5pc on 7 May — the last cut in a cycle that reduced the benchmark 450 basis points from a cyclical high of 11.25pc in March 2024. The board's 3-2 decision to lower the rate diverged from analysts' consensus, with only six of 36 respondents in Citi Research's 4 November analyst survey predicting the cut, whereas the median forecast was for a quarter point hike in September 2027. The bank statement noted inflation sped to 3.62pc in mid-October from 3.42pc a month earlier, the roughly 10pc depreciation of the Mexican peso against the dollar since September and 3.2pc GDP growth in the third quarter — its strongest performance in three years. "Environmental factors aside, nevertheless," said Banxico, "economic slack is still expected to persist throughout the forecast horizon along with downward risks to economic activity." The bank countered peso depreciation concerns by noting that under prevailing slack conditions, the pass-through of exchange rate fluctuations to consumer prices would be limited. The policy statement said members perceive "no demand-side pressures in the Mexican economy" at this time, and that maintaining the target interest rate at 6.25pc "will support the convergence of inflation to its [3pc] target", still expected to occur in the fourth quarter of 2027. Thursday's statement retained language from the 24 September decision concerning uncertainty in the Middle East and potential shifts in US economic and trade policies, but assured the current monetary policy level will "be adequate to face the challenges posed by the external macroeconomic environment." Mexican bank Banorte, in a note, said the statement "shifted toward a more neutral stance following the cut," due to Banxico's implication that no further cuts are expected. And in addition to reducing its end-2026 forecast for the benchmark to the current 6.25pc, Banorte now anticipates two quarter-point hikes in the second half of 2027, bringing the rate to 6.75pc. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US blue wave renews prospect of Canada tariff relief

26/11/05

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26/11/05

US blue wave renews prospect of Canada tariff relief

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Paraguay president resigns on banking scandal: Update

26/11/05

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26/11/05

Paraguay president resigns on banking scandal: Update

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Paraguayan president resigns on banking scandal

26/11/05

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26/11/05

Paraguayan president resigns on banking scandal

Sao Paulo, 5 November (Argus) — Paraguay is in the grips of its worst political crisis in years, with President Santiago Pena submitting his resignation on Thursday following a banking scandal. Pena said in a recording that he was resigning, "with the stability of our country, ‌social peace, and the need to preserve our democratic institutions in mind". The crisis could undermine Paraguay's image as a stable economic bet in the region, with the country trying to court investment in energy and mining, including critical minerals. In late October, it joined the US-led US Pax Silica program to secure supply chains that include critical minerals. In August, it began talks with the US to sign an agreement on nuclear energy. The government has also been working to attract the first private investment in power, with a 140MW tender for solar power scheduled for the first quarter of 2027. The crisis, months in the making, exploded on 2 November when the central bank said that it would intervene in digital bank Ueno. The bank had 2.94mn clients, equivalent to 63pc of Paraguay's adult population. Pena has been closely linked to the bank since the previous decade, when he was finance minister. After his election to a five-year term in 2023, he named Ueno chief executive Carlos Carvallo to head the central bank. The president tried to distance himself from the bank, but the scandal only deepened. He called for Carvallo's resignation and submitted emergency legislation to the legislature to ensure deposits were honored. Adding to the problem, the government under Pena moved a large amount of the state's pension funds to Ueno. At the time of the intervention, Ueno held 11pc of pension funds, one point above the legal limit. Opposition lawmakers threatened to impeach him and might still try, with senator Esperanza Martinez calling on colleagues to reject Pena's resignation and hold impeachment hearings for him and vice-president Pedro Alliana. It is a long shot, with Pena's Colorado party holding 48 of the 80 seats in the lower house and 23 of 45 seats in the senate. Alliana will serve out the term through the next elections in 2028. The Ueno scandal is not the only international issue Alliana would inherit. It faces arbitration from UK-listed Atome after the government reneged on a power purchase agreement (PPA). Atome secured more than $600mn in financing earlier this year for a 260,000 metric tonnes/yr project to produce calcium ammonium nitrate fertilizer. It was contingent on a 145MW PPA agreed to with the state-owned power utility Ande, but Pena in June repealed decrees that allowed Atome to sign a contract. Atome arbitration claim states that Paraguay violated its bilateral investment treaty with the UK. Markets pause Paraguay's fuel importers, distributors and traders have adopted a wait-and-see approach following Pena's resignation, suspending new negotiations for both fossil fuels and biofuels. Market participants said it is too early to assess the crisis' impact, especially on the foreign exchange rate. One importer said the sharp decline in Nymex heating oil and RBOB futures contracts currently more than offsets the effect of the weaker Paraguayan currency. Paraguay has no domestic crude production or refining capacity and relies entirely on imports to meet its fuel demand. Ethanol market participants expect the situation to prompt pricing increases on both corn and sugarcane-based volumes. Producers are closely monitoring any blending policy changes promoted by the new administration. By Lucien Chauvin, Flavia Alemi and Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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