Fitch Ratings said that one way to try to understand the volatility of US employment is to add the strike impact estimated by the Bureau of Labor Statistics (44,000 people) to the employment growth data in October, and then take the three-month moving average. The resulting data is 119,000, which is slower than the average of 207,000 per month in the first half of this year, but far from a sharp decline. Given that there is more widespread evidence that consumer strength continues, the Fed is unlikely to attach great importance to the overall figure of 12,000 people.

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