Fed Eyes December Rate Hike as Friday's Jobs Report Looms
Friday's October jobs report will give policymakers another reading on the labor market before their December meeting, after the Fed held rates steady last month.
The October jobs report due Friday will give Federal Reserve policymakers another reading on the labor market as they weigh whether to raise interest rates at their December meeting.
The report is scheduled for Friday, November 6, at 8:30 AM Eastern. Economists expect employers to have added about 59,000 jobs in October, with the unemployment rate holding at 4.2%. Those figures are forecasts, not reported results.
The Fed voted 10-2 on October 28 to hold its benchmark rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-percentage-point increase. The committee said inflation remained elevated and that more information would help determine the appropriate policy stance.
Stronger-than-expected hiring or wage growth could strengthen the case for another increase, while weaker data could complicate it. A December rate hike has not been decided.
Policymakers will also receive the November employment report on December 4 before the Fed's December 9 decision. Friday's figures will be one part of that broader assessment.