October Omen

Friday’s October employment report was good! 161,000 net new jobs and upward revisions totaling 44,000 for August and September show a continuing strengthening labor market. Monthly wage growth registered 0.4%; the second-best reading since 1/15, and Y-o-Y wage growth of 2.8% was the best since mid-2009. Moreover, the broadest measure of unemployment fell from 9.7% to 9.5%, a post-recession low. A December rate rise is coming baring a Tuesday surprise.