RUSH HOUR CON PETER CARDILLO
November 4, 2021US October payrolls surge back as virus impact fades
November 5, 2021October labor data is “pretty good” but shouldn’t fuel inflation concerns, Spartan’s Peter Cardillo tells WSJ, noting that the 10-year Treasury yield has wobbled on the nonfarm report, but is trending down as investors digest the numbers. The report “points to higher wages, but it isn’t excessive,” Cardillo says. The Labor Department says average hourly earnings increased by 11 cents to $30.96 in October, and over the past 12 months the growth reached 4.9%. Cardillo says the current pace of the jobs recovery would lead to maximum employment by the end of 1Q, earlier than the Fed expects, and that could accelerate monetary tightening.