By Saqib Iqbal Ahmed and Laura Matthews
NEW YORK- The dollar rose against the euro and rebounded against most major currencies on Friday after traders digested data showing US job growth slowed sharply in October amid disruptions from hurricanes and strike action by aerospace factory workers.
Nonfarm payrolls rose by 12,000 jobs after a downwardly revised 223,000 in September, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast October payrolls rising 113,000.
The US unemployment rate, however, held steady at 4.1 percent, offering assurance that the labor market remains on a solid footing.
Hurricane Helene devastated the Southeast in late September and Hurricane Milton lashed Florida a week later. A total 41,400 new workers were on strike, including machinists at Boeing and Textron an aircraft company, when employers were surveyed for October’s employment report.
“The dollar index has fully recovered since this morning’s data release, shifting focus towards the uncertainty surrounding the upcoming (US presidential) election,” said Uto Shinohara, senior investment strategist at Mesirow in Chicago. -Reuters