ARLINGTON, Va.–The strong jobs report for October only adds fuel to the belief the Fed will raise interest rates when it meets next in December.
“As disappointing as last month’s jobs report was, this one more than makes up for it,” said NAFCU Chief Economist Curt Long. “Job gains surged past analysts’ expectations, while the unemployment rate dropped even as 300,000 workers joined the labor force. Meanwhile, year-over-year wage growth hit its highest mark since mid-2009. Barring catastrophe, everything looks set for the Fed to raise rates in December.”