Worse than expected. The jump to 10,2% in jobless rate against the market consensus  of 9,9% is the headline to hit the newspapers Saturday morning. It cannot be neglected despite some weather conditions making it impossible for more workers to come to work compared to the average October. I also respect that the September non-farm payroll was revised to a significant better number. All in all it doesn’t change the 10,2% nasty number. The investor should also notice that the weekly working hours didn’t go up as many expected – i.e. no real demand for more working hours. As mentioned last week do I expect this to hurt both the greenback and US equities meaning the negative correlation between USD and stocks is fading out. In my world it gives a negative entry to the coming week for both the greenback and equities.

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