Good news for US consumers

US' latest non farms payrolls report added only 142K jobs to the economy last month, but even though new hiring looks like it is slowing, layoffs have not significantly increased. 

In fact the latest initial unemployment report detailing the number of Americans who applied for unemployment benefits in early October declined to a 42-year low, of 255,000. Ongoing weekly unemployment claims are below 300,000, the lowest level since 1973. 

"U.S. companies are under earnings pressure but it looks like they are simply tapering their hiring efforts rather than resorting to job cuts is good news for the U.S. consumer, the backbone of the U.S. economy", says Voya Global.