Daily Rundown
November 9, 2026
Chart of the Day
Number of the Day
70,000
The increase in business services employment in October, a ninth gain in the last ten months and the largest since mid-2022
Quote of the Day
“(Inflation) has to be our number one priority, and the fact that we have a solid labor market gives us the latitude to just get that job done.”
San Francisco Fed President Mary Daly
Friday’s Highlights
Nonfarm payroll employment (October) rose by 165,000, led by business services.
The unemployment rate (October) fell to 4.1 percent from a prior 4.2 percent.
Average hourly earnings (October) rose by 0.4 percent on the month and 3.1 percent year-over-year.
The average workweek (October) held steady at 34.4 hours. Manufacturing overtime ticked higher.
Consumer sentiment (November (prelim.)) increased to 51.0 from a prior 48.0.
Consumer credit (September) soared by $27.8 billion, as revolving debt jumped $16.3 billion.
Quick Commentary
The jobs report was solid both in the headline and the details, as payroll gains were broad-based, cyclically-driven, and accompanied by the biggest increase in wages in nearly a year. The normal caveats apply here -employment numbers can be volatile on a month-to-month basis and have been subject to large negative revisions in recent years- but these figures jibe with the recent downturn in jobless claims and the pickup in job openings to suggest some legitimate improvement in labor market fundamentals of late. In addition, the ongoing revival in the highly cyclical business services category should be taken as a sign that the economy more broadly is finding firmer footing. This report also inches the Fed closer to another rate hike in December, although that decision will likely also turn to some degree on the inflation data and the path in the financial markets over the course of the next month. The probability of another tightening move next month will decline in relative lockstep with any further pullback in equity prices.
Today’s Highlight
Household expectations
Daily Trivia
Due to enormous consumer demand and its labor-intensive nature, what industry employed more workers than any other outside of agriculture in the middle of the 19th century?
(Friday’s Question: Among states that border each other, which two have the greatest discrepancy in per capita income? Answer: Connecticut and Rhode Island)