The October jobs report in the US shows moderately positive gains in the labor market

The October jobs report in the US shows moderately positive gains in the labor market. The 214,000 jobs added last month came in lower than the median forecast of 235,000, but marks the ninth straight month job gains have come in higher than 200,000. That hasn't happened since 1994-1995. The unemployment rate dropped to 5.8%, closing in on the Fed's full employment target of 5.2%-5.5%. However, the unemployment percentage is taking on less importance as the Fed will focus more on wage gains moving forward. Speaking of wages, average hourly earnings rose 0.1% in October and 2% year-over-year. The Fed is going to need to see stronger growth than that before an interest rate hike becomes a reality. However, any wage growth at this point must be viewed as a positive. (VIEW LINK)