The wealth of data released last week and the FOMC meeting produced no change in the outlook for the economy or monetary policy. The employment report released on Friday was further confirmation of a tightening labor market. Nonfarm payrolls increased by 261,000 which was less than the +300,000 rebound expected from the hurricane impacted September data. However, the revisions to the prior two months increased job growth by 90,000 from the data first reported. September’s job growth was revised from a decline of 33,000 to an increase of 18,000. The unemployment rate dropped from 4.2% to 4.1%, due to an estimate of a drop of 724,000 in the workforce.

This was a function of the problems in the survey’s due to the lack of responses during the hurricanes. The tight labor market is best demonstrated by the estimate of 11.7 million available workers to fill the estimate of 6.08M unfilled job openings in the JOLTS report due out this week…

ProBank Austin Advisor – November 06, 2017