Subtle Messages
As I looked at the numbers in the market this past weekend there was very little that looked earth shattering. The markets have been well behaved as we wind down the year, and even the TV pundits are having a difficult time developing compelling storylines to shock viewers. Below the surface, however, there seem to be some very subtle hints on bigger messages that may play out in the weeks ahead. Let’s look first at Friday’s employment numbers. The Labor Department reported on Friday that 321,000 new jobs were created last month. In addition the revised numbers for September and October added a further 44,000 jobs. So in total the announcement showed 365,000 new jobs. That’s a great number. In a further surprise to the markets average hourly wages went up 0.4%, which will mean more money in the consumer’s pocket for Christmas.