Ball State University Economist Mike Hicks says a "much improved" national employment report likely signals an interest rate increase later this year. The economy added 271,000 jobs in October, lowering the national unemployment rate to a seven-year low of 5 percent.
Last month’s job gains are the most since December. The report also shows an increase in average hourly wages of 9 cents to $25.20.
Hicks says, while the report does increase the probability the Fed will increase rates in December, it will also depend on the November employment report, which comes out December 4.
Indiana continues to perform better than the nation overall. In its latest employment report, the state showed 6,600 new private sector jobs being added in September. The state’s unemployment rate is 4.5 percent, which is its lowest level since July 2007.