NEW YORK (TheStreet) -- The nonfarm payrolls report for the month of October ended a busy week of economic news.
The government reported 204,000 new jobs, surging past economists' expectations of 120,000. Ben Garber, economist at Moody's Analytics, and Darrell Cronk, regional chief investment officer of Wells Fargo Private Bank told TheStreet's Joe Deaux that despite what many had expected, the government shutdown apparently had no effect on the October results.
Although the number of jobs added largely eclipsed expectations, the specifics -- such as wages and hours worked -- weren't that promising, Garber said.
Cronk questioned what the Federal Reserve would do now that the labor results dramatically improved. While it is widely believed the Fed will begin tapering sometime around March of next year, he said this may cause investors to at least think about a potential tapering in December or January.
Garber said that while that is unlikely, the Fed will need to watch the economic data for the next couple of months and be sure of the stability of the economy before making any changes to its monetary policy. He is concerned by the subpar consumer spending data,.
Both said today's labor report was ultimately a good thing. The market wants a robust labor market and a self-sustaining economy without the help of the Fed.
-- Written by Bret Kenwell in Petoskey, Mich.