Jobs Surprise Seen as Keeping Fed on Track to Hike
Dow Jones11-06 23:45
1045 ET - The upward surprise in October's payrolls keeps the Fed on track to hike in December, AllianceBernstein's Eric Winograd writes. October's net job creation reaches 165,000, well above expectations, while unemployment edges lower to 4.1% from 4.2%. Winograd notes that payrolls' medium-term average "continues to point to a labor market that is solid but not exceptionally strong." He adds that new hiring is absorbing labor supply and "there is no evidence that the labor market is overheating in a way that would be inflationary." Winograd says that "it seems improbable that this month's surge will be sustained."
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