Nov. 2, 2012
More Job Strength Than Anticipated
In addition to upward revisions in August and September, the labor market continued to improve in October, generating 171,000 new jobs, providing a needed boost to recovering consumer sentiment and bolstering optimism for the upcoming holiday season. More demand might also counter business concern about adding to cost structures while profit margins are under pressure. If these concerns about maintaining revenue and profits are addressed by some rise in demand, we could see investment in both capital and human capital pick up heading into the new year.
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