“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.” —Illuminati Silver
For more investment strategies, visit the Rising Rates Channel.