US Nonfarm Payrolls Report Due | UK Manufacturing PMI Beat Expectations
Published November 1, 2019
Today the US will release the October employment report. The nonfarm payroll report is expected to show 85,000 new jobs this month, below the previous 136,000. The unemployment rate is expected to tick higher to 3.6 percent, while the average hourly earnings are forecasted at 0.3 percent on a monthly basis.
The UK manufacturing purchasing managers index rose to 49.6 from 48.3 in September, which is its highest level since April and beat the market expectation of 48.2. The index remained below the 50 mark which is the dividing line between growth and contraction.
President Donald Trump said that a trade deal between the US and China is imminent and only delayed by the need to find a venue for a signing ceremony. The US and China are working on selecting a new site for the signing of phase one of the trade agreement and the new location will be announced soon.
On Thursday, The US Secretary of State Mike Pompeo announced further sanctions on the Iranian construction sector and trade in four materials used in its missile program, to curb the oil-rich nations nuclear program. At the time of writing, WTI crude oil is trading lower at $54.41 a barrel.