Strong US jobs figures 'won't shift Fed stance'

The American economy added 261,000 more jobs in October, higher than the forecast 195,000. In addition, the September numbers have been revised upward from 263,000 to 315,000 bringing the unemployment rate to 3.7%, close to a 50 year low. Average hourly earnings came slightly above expectation at +0.4% (versus 0.3%) indicating continued wage inflation. Vincent Mortier, group chief investment officer at Amundi, argued the still strong job market does not support a shift in rate-raising stance from the Fed.  He said: "Signs of some moderation are emerging in wage growth, but this ...