{"text":[[{"start":0,"text":"The US economy added 165,000 jobs in October as hiring shot past Wall Street expectations, underscoring the strength of the labour market and reinforcing expectations that the Federal Reserve will raise interest rates next month."}],[{"start":24.2,"text":"Friday’s figure from the Bureau of Labor Statistics was more than double the 65,000 forecast in a Bloomberg poll of analysts and significantly higher than the upwardly revised 60,000 positions added in September."}],[{"start":36.94,"text":"Hiring for August and September was increased by a combined 84,000, pushing the average figure for the three months to the end of October to 137,000, well ahead of the 28,000 average in the previous three-month period."}],[{"start":50.52,"text":"The unemployment rate edged slightly lower to 4.1 per cent."}],[{"start":54.36,"text":"“It’s just all round a really strong reading . . . you really have to squint to find weakness,” said Mike Reid, head of US economics at RBC Capital Markets. “This report confirms the labour market is on solid footing.”"}],[{"start":67.24,"text":"Economists said the healthy hiring data increased the likelihood that the Fed would raise rates next month after a sharp stock market sell-off this week prompted speculation it could delay action."}],[{"start":77,"text":"“Yesterday’s questioning about a hike next month seemed a little overdone,” said Michael Feroli, chief US economist at JPMorgan. “We believe the [Federal Open Market Committee] will remain calm about a move in the equity markets of a handful of percentage points. The data continue to suggest little need to insure against downside labour market risks . . . We continue to look for hike next month.”"}],[{"start":99.08,"text":"Thomas Simons, chief economist at Jefferies, said Friday’s report, combined with stubbornly elevated inflation, “suggest a December hike is almost a lock”."}],[{"start":109.04,"text":"Traders in the futures market were pricing in an 81 per cent chance of a December rate increase following the report, up from 67 per cent on Thursday, according to pricing from CME FedWatch."}],[{"start":119.96,"text":"Treasury yields and the US dollar jumped following the release as traders added to their expectations of rate rises, though the market moves quickly reversed."}],[{"start":127.16,"text":"The two-year yield, which moves with monetary policy bets, was up 0.03 percentage point on the day at 4.51 per cent."}],[{"start":135.76,"text":"“This was a really, really strong report,” said George Pearkes, macro strategist at Bespoke Investment Group. “But there wasn’t a huge market reaction because the Treasury market is more focused on inflation at the moment.”"}],[{"start":149.62,"text":"After a bruising sell-off in AI names following this week’s midterm elections, US stocks stabilised on Friday. The S&P 500 closed 0.3 per cent, while the tech-heavy Nasdaq 100 climbed 1.4 per cent higher."}],[{"start":164.64,"text":"The White House seized on the report as evidence that Donald Trump’s policies were boosting the US economy, days after voters delivered a striking rebuke to the president and his Republican Party in Tuesday’s vote."}],[{"start":177.04,"text":"Treasury secretary Scott Bessent said the data showed “the re-industrialisation and re-privatisation of the American economy are gathering extraordinary force”. Kevin Hassett, director of the president’s National Economic Council, said it signalled “runaway job growth”."}],[{"start":193.08,"text":"Trump had campaigned on the underlying strength of the economy, including chunky GDP growth and low unemployment. But the message struggled to break through with voters squeezed by stubbornly high inflation."}],[{"start":205.36,"text":"Employment in professional services led Friday’s jobs gains, jumping by 70,000, well above an average of 15,000 over the previous 12 months."}],[{"start":214.44,"text":"Healthcare, transportation and warehousing also posted strong increases, while manufacturing employment continued to trend upwards."}],[{"start":222.84,"text":"The Fed has indicated it is intent on getting inflation under control as price growth accelerated this year, fuelled by the AI boom and the war in Iran. Annual personal consumption expenditures inflation was 3.6 per cent in the year to September, well ahead of the central bank’s 2 per cent target."}],[{"start":241.48,"text":"Fed chair Kevin Warsh said last week that “on the employment side of the Fed’s dual mandate, conditions are quite positive” even as the central bank opted to keep rates on hold pending the release of further economic data."}],[{"start":254.8,"text":"Economists said Friday’s report would reinforce that upbeat view of the jobs market, giving the central bank further scope to take action to tackle inflation."}],[{"start":262.36,"text":"“Solid job creation and a 4.1 per cent unemployment rate leave little concern about labour market weakness, giving policymakers greater latitude to focus on the lingering inflation overshoot,” said Gregory Daco, chief economist at EY-Parthenon."}],[{"start":277.2,"text":"“Against that backdrop, we continue to believe further tightening is warranted and expect another 25 [basis point] rate hike in December.”"}],[{"start":291.54,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794018296_9386.mp3"}