Companies added more workers than expected in October, according to the US Labor Department. The news is welcome, largely because the crowd was looking for a much-weaker gain. Good news, as far as it goes. But it’s premature to celebrate. Indeed, as The Capital Spectator projected, the one-year trend continued to edge down, reaffirming that the labor market appears to be caught in a gradual but persistent downturn.

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The old investing proverb that markets like to climb a wall of worry was reaffirmed in dramatic fashion last month. Indeed, all the major asset classes posted gains in October. In fact, the latest installment of across-the-board increases marks the third time so far this year that the crowd bid up prices in everything in a calendar month. (January and June also posted gains in every primary slice of the global markets.) Continue reading →

House approves Trump impeachment rules in partisan vote: The Hill
Trump attacks Fed Chairman Powell a day after rate cut: CNBC
Economists expect hiring will slow in today’s Oct jobs report: Bloomberg
Private survey shows China’s mfg sector expanded in Oct: CNBC
Corporate profits are stronger than expected but still on track to weaken: WSJ
US jobless claims rise, but indicator still reflects strong labor market: Reuters
Chicago PMI fell to nearly four-year low in October: MW
Announced job cuts in US up 21% in October vs. September: CG&C
Wage inflation ticked higher in third quarter, but remains moderate: MStar
Consumer spending’s 1-year trend in US edged up in Sep, posting moderate gain: