The Labor Department reports the economy added 261,000 jobs in October as employment rebounded from hurricanes Harvey and Irma, but economists expected 325,000 new nonfarm jobs. Unemployment fell to 4.1% from 4.2% and is near a 17-year low, but 765,000 people left the labor force. Wages fell a penny to an average of $26.53 an hour. The year-over-year increase in hourly pay slowed to 2.4% from 2.8%, though wage figures for the past two months were distorted by the hurricans. The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain and August was revised upward to 208,000 from 169,000.
U.S. factory orders rose 1.4% in September to mark the third gain in the last four months, according to the Commerce Department. Economists expected 1.3%. Orders for durable goods, about half of all orders, rose 2%. Orders for non-defense capital goods excluding aircraft advanced 1.7%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
