National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Labor Department’s October employment report, released this morning.
"The October jobs report was modestly positive, on net. Job growth fell slightly below expectations, but when paired with the sizable upward revisions to prior month data, the results were solid," said Long. "However, wage growth and labor force participation both slipped during the month. The data is likely to continue to be choppy for the next few months due to weather impact, but this report was strong enough to keep the Fed on track for a rate hike in December."