The October unemployment report came out this morning and the headline numbers were a gain of 160,000 new jobs and the unemployment rate was unchanged at 4.9 percent. In addition, the adjustments for August and September added an addition 44,000 jobs. Average hourly earning also rose by a healthy 10 cents which follows an 8 cent rise in September. The rising hourly earnings will gave some ammunition to those at the Fed who are interested in raising interest rates. On the other hand, the actual jobs numbers are hardly spectacular and the unemployment has held steady. My guess is that a December rate hike is probable unless there is some disastrous new data between now and the next meeting. And, let's be clear, one of those potential disasters is a Trump presidency.
No comments:
Post a Comment