US Wage Growth Outruns Hiring Rebound Pace

The Labor Department's delayed October jobs report, pushed back by the government shutdown, showed employers added 165,000 positions, more than triple the 48,000 average monthly pace of the prior year. Average hourly earnings climbed 3.1% over the same 12 months to $38.00, a pace investors are tracking as closely as the headline hiring number. Faster wage growth complicates the case for additional Fed rate cuts, a tension gold ($GLD) trades on directly.