Hicks: National Economy Could Continue Growth Path

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MUNCIE -

Ball State University economist Mike Hicks says the newly-released jobs report suggests the economy is gaining strength and "the composition of job growth signals further expansion." The national unemployment rate in October fell to 4.1 percent. He adds that the economy is outpacing expectations as it reaches year eight of expansion.

Some 261,000 positions were created in October and 360,000 jobs were converted from part-time to full-time. He says the country has experienced back-to-back quarters where the Gross Domestic Product grew by 3 percent, something that has happened only one other time in the last decade.

Hicks tempered his overall positive take on the monthly jobs report by saying "wage growth was slower in October, but coming off the heels of a very strong September, which is a meaningful cause for worry. Likewise, the labor force shrank modestly in October after many months of expansion. Neither of these conditions are trends, and so tell us little in one month about the overall state of the economy."

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