The Labor Department says the economy add 161,000 new net jobs in October.  The private sector accounted for 142,000 of those jobs. Average hourly wages are up 2.8% year-to-date. The unemployment rate fell to 4.9%.

Worker productivity rose at a 3.1% annual rate, its fastest pace in two years. Output per worker in the third quarter jumped at a 3.4%. Hourly pay increased at a 3.4% rate in the quarter after increasing at a 3.7% pace in the prior quarter. The strong quarterly increases suggest a pickup in wage growth. (Labor Department)

Small business owners can’t anticipate the direction of the economy, don’t know whether it’s a good time to invest, and aren’t sure whether to hire new workers, per the NFIB Uncertainty Index. The reading for October set an all-time high, smashing the record set in the previous month. All that uncertainty is a drag on the economy.

Scandal plagued Wells Fargo has increased its litigation loss reserves to $1.7 billion from $1 billion, per a SEC filing. The SEC has joined those considering the recent fraud disclosures and illegal sales practices. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.