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Strong Jobs Report Practically Guarantees another Interest rate rise in 2018

1,215 views · Published 3 November 2018 · 3:38 · Indexed 12 November 2026

Channel: The 2% Brief · 2018 · People & Blogs

https://www.illuminatisilver.com

Today is Friday 2nd November 2018 and we are briefly covering today’s Non-Farm Payroll report For October and its implication for Interest rates.

The US Labor Department said wages grew at an annual rate of 3.1% in October, accelerating from a rate of 2.8% the month the fastest rate of growth for 9 years.

The economy also added 250,000 jobs last month, beating expectations, while the jobless rate remained at 3.7%.

In spite of some weaknesses emerging in the housing and trade sectors, most economists are agreed that this report supports the strength of the US Economy at this time.

The healthcare sector added 36,000 jobs, manufacturing 32,000 and construction 30,000.

Employment in the leisure and hospitality sector rose by 42,000 last month.

Economists said the figures all but guarantee another US interest rate rise before the end of the year and we agree but feel its more likely to occur in December rather than November.

In addition, Average hourly earnings rose five cents, or 0.2 percent, in October after advancing 0.3 percent in September. That boosted the annual increase in wages to 3.1 percent, the biggest gain since April 2009, from 2.8 percent in September.

David Kelly, chief global strategist at JPMorgan Funds in New York said:

“The report shows a booming U.S. economy with a sufficient whiff of wage inflation to keep the Fed on track to raise rates in December and at least twice next year.”

We would agree with this analysis unless of course the economy takes a turn for the worst – however we still foresee strength for some months to come.

Naturally this will have a positive impact on the US Dollar and a downward momentum on gold and silver – however until the mid terms are over the uncertainty they bring will enable precious metals to hold up for a little while yet in our view.

Please view our previous videos:

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