The October employment report was another solid one. Overall, I’d say the economy continues to just muddle through here. Things aren’t great, but they’re not that bad either. Here are some highlights and lowlights:
- The September report was revised up to 163K from 148K.
- Headline came in at 204K for October.
- Private payrolls were very strong at 212K.
- Government jobs declined by 8K as Obama the great slayer of government jobs continued his rampaging attack on the size of the government workforce.
- The unrate moved up to 7.3%.
- Wage growth was weak rising just 0.1%.
And don’t worry – this report isn’t a game changer for the Fed. This just gives them some room to breath a little easier.