US Oct NFP came in stronger than exp at 531k (vs 450k exp). There were 235k of net upward revisions to prior 2mths. Private payrolls particularly strong, +604k (vs 420k). As participation rate did not rise as exp, unemployment rate drops to 4.6% (vs 4.7% exp). Wages were in line. h/t Holger Zschaepitz

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