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Saturday, November 5, 2011

Wells Fargo's Weekly Economic & Financial Commentary- November 4, 2011

- The unemployment rate fell to 9.0 percent in October as nonfarm employment rose by 80,000 jobs.

. Nonfarm employment has now risen by an average of 114,000 jobs over the past three months, as the private sector has averaged growth of 122,000 jobs during that time.

- Hours worked increased 0.1 percent and average hourly earnings rose 0.2 percent during October, as recent hiring has been predominantly in low-paying jobs.

- October ISM surveys remained consistent with modest economic growth, as both the manufacturing and non-manufacturing surveys remained slightly above the demarcation line separating expansion and contraction.

- Motor vehicle sales turned in another solid performance in October, although recent gains likely reflect improved inventories of imported models that have been in short supply due to the earthquake in Japan.

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