Job growth was reported to be stronger than expected in October even though the Federal Reserve raised interest rates.
The average hourly earnings enjoyed growth at 4.7% from a year prior and 0.4% for the month. This wage growth is likely to serve as a price pressure as worker pay remains well short of the rate of inflation. Yearly growth met the expectations as the monthly gain was ahead of the 0.3% estimate.
Market pricing rose slightly toward a 0.5 percentage point Fed rate hike in December. This would be less aggressive than the pace that began in June which had a 0.75 percentage point move. Many traders anticipate the Fed will enact another 0.5 percentage point increase as soon as February.
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