Dow Jumps >300 Pts After Announcement
One of the most closely watched economic indicators by the Federal Reserve is the Employment Cost Index generated by the US Bureau of Labor Statistics.
Private industry wages and salarie rose 3.1% YoY in September, the highest since 2008.
And not surprisingly, the biggest increase in benefits (also 3.1% YoY) is for … State and Local Government workers. Apparently, they don’t believe that there is a public pension fund crisis … or don’t care.
As of 10:26 AM EST, the Dow had risen over 300 points after the announcement.
So will Fed Chair Jerome Powell keep raising rates after the employment cost report?
Support 100% ad-free Biiwii.com by making a donation of your choice!
Or better yet, subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas to get even more bang for your buck. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.