In one of the worst weeks for U.S. markets in recent times, the Department of Labor added some positivity during its October jobs report release on Friday.
Nonfarm payrolls increased by 161,000 in October, supported by the strong growth in the services industry, which alone added 142,000 jobs. The unemployment rate now stands at 4.9%, extending its stable position this year and remaining near an eight-year low. More important, hourly wages have increased 2.8% over the past year--another indication that the Fed will increase interest rates come December.
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Milad Nourmohammadi does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.