U.S. Unemployment 3.7% with a forecast of 3.6%

Unemployment in the US is on the rise: it was 3.5% in September. Also the US economy added 261,000 jobs in October, while 200,000 were expected. At the same time the rate of economically active population fell to 62.2% from 62.3%.

Positive data for the US stock market and risk assets. We see unemployment rising despite a decline in the economically active population. That means the U.S. labor market is cooling down. And this is what the Fed wanted to achieve. So the pace of rate hikes could slow down.

But there is also a negative signal: wages rose 0.4% m/m, higher than forecast. The U.S. labor market is very tight. The demand for workers is high, but there is a shortage of those willing to work. This spurs inflation.

The stock market is positive about today's data, which means we can expect a bounce in cryptocurrencies and equities.