Friday’s better-than-expected jobs report may solidify a December rate hike. Jerry Webman, chief economist at OppenheimerFunds, based in New York, thinks the Fed is more likely to normalize policy in December following the strength in October’s jobs report. The economy added 271,000 jobs during the month, beating estimates of about 180,000 jobs. There was also an upward revision to August and a slight downward revision in September — though gains in those two months were still higher by 12,000 jobs – another sign of strength in the labor market. The unemployment rate dropped to 5 percent from 5.1 percent in September. Though there is still one more jobs report before the Fed’s December meeting. The Fed has insisted its rate hike decisions are based on incoming economic data. TheStreet’s Scott Gamm speaks with Webman in New York.
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