U.S. Outlook: Thanksgiving comes early this year
Rather than a scary October payroll report appropriate for the Halloween season, investors and analysts received an early Thanksgiving surprise.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Nov. 2.Key observations:
- Clearly, there was a strong bounce back from Hurrican Florence baked into October’s job gains.
- Bad weather prevented 198K people from working last month.
- The U.S. job growth engine shows no sign of slowing down as yet. This raises the odds of another rate hike from the Fed in December.
- Low unemployment rates finally appear to be lifting average hourly earnings growth. For the first time in this expansion, the average hourly earnings growth moved above 3.0%.