Economists are feeling pretty good this Friday as today’s eagerly awaited October jobs report was released and brought with it plenty of good news!
After a string of bad data coming out of the employment sector the past few months, today’s report was able to surpass all generous predictions that had been given, giving hope to a sector that seemed to have all but given up on a jobs reversal this holiday season.
Join us today as we dive into the stats of this latest jobs update, the public response and what this could mean for your investments in the days, weeks and months ahead!
Good News From the Employment Sector!
Friday’s newly released economic data was the most highly anticipated event of the week for a majority of economists who had their fingers crossed that some good data would finally come out of this recently unimpressive jobs market.
Well, Friday, there hopes and prayers were answered as October jobs data reports a whopping 531,000 new jobs were created with an unemployment rate which fell 4.6%… the lowest level since the economic recovery started in May of 2020.
This number of jobs surged considerably higher than the anticipated 450,000 jobs that economists thought may be brought to the table last month and marked the first time in four months that the actual number didn’t fall below expectations.
This is, without a doubt, good news not just for the U.S. economy but for Americans who still have yet to find a job in today’s new post-pandemic environment.
The number of people looking for a job in the United States who are willing and eager to start working but have not been able to find a position stood at 6 million in October. A number that sits roughly 1 million higher than the pre-pandemic unemployment numbers.
… And although this is exactly the type of signal economists have been waiting for to reveal some positive movement during the nation’s seemingly never-ending recovery, the data shows we still have a long way to go before we can consider the nation and its economy officially back on track.
In the investing world, however, this latest economic positivity has proven to be just the confidence boost the markets needed as all major indexes currently sit in the GREEN as we head closer and closer towards Friday’s closing bell.
That being said, market participants say the recent jobs report puts the Federal Reserve back on track to forge ahead with their recent plans to taper off its asset purchase program and to begin raising rates as early as next year.
Referring to the FED’s response to the October Jobs Report, CEO of ZEGA Financial Jay Pestrichelli recently told Fox Business that it had, “… Become clear that the economy isn’t in need of such massive support from the central bank. The pace of hiring rebounded in October as Covid-19 restrictions eased and cases declined. The labor market is not back to pre-Covid 19 levels, but it has staged an impressive comeback over the past 18 months.”
Learn More Here…
If you’re interested in learning more on these latest updates as well as how they could play out in today’s markets, then you’re not going to want to miss the latest episode of Ask the Pros where host Celeste Lindman brings together some of the top minds in this field to discuss these and many other breaking news stories and their plans for you and your investments to work through them in the days ahead.
P.S. – Former hedge fund manager Jack Carter has put together a short video explaining why this next three month period could be the most significant of the decade.
If you’re not sure what to do toward the end of the year… you should check this out ASAP.