Welcome to the FIA News & Insights, a one-stop resource that includes insights from senior investment professionals on timely market events, their views on the economy and their respective markets. Find updates on the latest media information on Frost Investment Advisors, LLC and the most recent reprints, as well as, archival information for your reference.
Jobs Report Sends Mixed Messages
The labor market is still running at a healthy but inconsistent pace, according to Bureau of Labor Statistics data. The BLS establishment survey of businesses found the economy added 261,000 jobs to payrolls in October, which was better than expected. Average weekly hours held at 34.5, a good sign for workers since cuts in hours are usually a harbinger of layoffs. Average hourly earnings growth slowed to 4.7% year-over-year (a slower ascent compared to last year) and rose 0.4% month-over-month. The strong monthly uptick in wages is more indicative of current conditions and, while welcomed by workers, it may be concerning for the Federal Reserve because rising earnings create upward price pressure.
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