US Jobs Set Records as Europe's Petrol Era Fades

Labour Markets Pull Apart

The US Bureau of Labor Statistics reported 159,293 thousand nonfarm payroll jobs in October 2026. That is the largest October reading in the BLS dataset going back to 1997, edging past the previous best of 158,408 thousand set in October 2025. Average hourly earnings reached $38.00 in the same month. That is the highest October figure in the BLS series since 2006, up from $36.85 a year earlier.

Canada tells a different story. Employment data tracked by ORTEX shows the country's total job count at 21.1 million in October 2026. It has fallen for three consecutive months.

India's payments picture adds another contrast. Data from NPCI show UPI person-to-person transactions rose 22% in October versus the same month last year. UPI value paid to merchants climbed 18% over the same period. Korea posted record October flight counts and passenger numbers in the ORTEX air traffic dataset, which runs back to 2023.

Petrol's Retreat and Medicare's Advance

European new petrol car registrations fell to 4,548 vehicles in October 2026. That is the lowest October total in the national registration dataset since 2016, below the previous low of 5,265 set in October 2022. Finland and Singapore moved the other way on electric. Finnish battery-electric registrations hit a record October in ORTEX's dataset running back to 2014. Singapore set a record September for new battery-electric registrations by make, in data going back to 2022.

In US healthcare, CMS data tracked by ORTEX show Medicare Advantage penetration reached 51.1% in July 2026, with 36.2 million beneficiaries enrolled. Both are the highest readings since the series began in 2013.

One utility stands out in the nuclear output data. A reactor operated by PNW ran 10.0 standard deviations below its own output history as of 13 October 2026. That is the sharpest downside deviation in the ORTEX nuclear output dataset.

Prints Ahead: What the Registration Data Shows

Several automakers report in the coming days, and registration series measured by ORTEX have a demonstrated lead on their revenue.

German car registrations lead Mazda revenue by 30 days with a strong fit. With three of three months of the quarter in, the series is running 32% above the same quarter last year. Dutch registrations, with one month in, are running 5% below.

Japanese car registrations lead HMC revenue by 65 days with a strong fit. One month into the quarter, that series is up 6% year on year.

The same Japanese registrations series leads Nissan revenue by 65 days. With one month in, it is running 12% above the prior-year quarter. Italian registrations, also one month in, are up 16%.

For PSNY, Dutch registrations lead revenue by 60 days with a strong fit and are running 68% below the same quarter last year, with one month in. German registrations, a separate measured lead with three months in, are up 32%. These are where the data point so far, not a forecast of the reported figure.