9:55 EDT - Consumer discretionary sector is the strongest in early trading following better-than-expected October jobs report, but headline 171,000 job gain doesn't necessarily suggest consumers are on the verge of a spending spree. They need more cash to spend, but average hourly earnings were down last month, and have only grown 1.6% during the past 12 months, not keeping pace with a 2% y/y rise in consumer prices in September. (john.shipman@dowjones.com)
(END) Dow Jones Newswires
No comments:
Post a Comment