“Despite all the talk about the global economy, the U.S. domestic economy seems to be doing fairly well,” John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, told Bloomberg. “You look at these employment numbers, and although wages are steady, the combination of job gains and steady wages means you’re going to see continued personal income and therefore consumer spending.”
The increase in October employment was broad-based, with factories, construction companies and retailers among those adding employees. Payrolls at restaurants jumped 41,800 and hourly earnings for all workers rose less than projected, Labor said.
Source: Transport Topics