October Jobs Report Offers Glimpse Into Holiday Spending Season

Linzie Janis looks at the jobs report numbers and tracks other news on the economy.
3:00 | 11/09/13

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Transcript for October Jobs Report Offers Glimpse Into Holiday Spending Season
Back to dan and bianna. We're going to turn back home to news that would impact YOUR WALLET AND 401(k). The dow hitting another record high, sparked by a better-than-expected jobs report. Linzie janis is here with what it all means for your money. Reporter: Good morning, bianna and dan. This is a great year for 401(k)s. And it keeps getting better. The dow hitting a new high. It's up 23% so far this year, heading for its best annual gain And the jobs report, showing american companies hired 204,000 workers last month. That's much more than the 125,000 figure that economists had predicted. And it came, despite that 16-day government shutdown. Most of the new jobs in retail, hotels, restaurants. All of them, of course, gearing up for the holidays. And there were more signs this week that the economy is gaining strength. A report showing the economy grew at an annual pace of 2.8%. Again, much better than expected. The big question now is, is the economy strong enough for the federal reserve to cut back on some of the stimulus it has been providing in the form of bond purchases that keep interest rates ultralow? Some analysts are betting that the fed will start to pull back as early as december. Others saying, it would be march. Either way, it's coming. And wall street like the fact THAT WE'RE SEEING GOOD IPOs. Twitter making headlines this week.

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