Wells Fargo Weekly Economic & Financial Commentary for November 6, 2015

Santa More Likely to Bring Rate Rise This December

 

  • Job growth came roaring back in October, with payrolls increasing 271,000. The unemployment rate edged down to 5.0 percent and average hourly earnings rose a solid 0.4 percent.

 

  • The ISM reports for October showed further divergence in the path of the manufacturing and service sector. At 50.1, growth in the factory sector is essentially flat, while the ISM nonmanufacturing index strengthened to 59.1.

 

  • Auto sales in October registered an 18.1 million unit annual pace for a second consecutive month and are on pace for a record year in sales.
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