The US economy added 271,000 jobs in October as the unemployment rate fell to 5%. Expectations were for 185,000 jobs to be added. These are spectacular numbers as we come closer to year end. A 5% unemployment rate should be considered as full employment and is very healthy for an economy that has shown signs of growth. Even with positive numbers we can see the markets have not reacted much, meaning the expectations were priced in. Hourly wages did increase by 0.4% but the number of part time workers did drop significantly for economic reasons last month. Collectively these are very promising indicators that prove the economy is back on its feet and moving forward. Investors are also beginning to show signs that an interest rate hike is very likely by December and advising clients to tread cautiously as we approach the inflection point.
As the holiday season approaches, keep an eye on consumer shopping habits at your local watering pool and compare it to your online spending habits. This will certainly help you position your portfolio to close out 2015 on a positive note.
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