US job growth cooled in October as the Labor Department's closely watched employment report showed the unemployment rate rising to 3.9%, the highest since January 2022, up from 3.8% in September. Employers added 150,000 jobs, half the September gains, and the smallest increase in jobs since June, according to the Bureau's establishment numbers. DICK BOVE, chief financial strategist at ODEON CAPITAL GROUP, calls the Bureau's reporting 'specious.'

Still, BOVE says the evidence points to a deterioration in the labor markets. The economy on the jobs front is 'slowing meaningfully,' he adds. MAT VAN ALSTYNE, ODEON co-founder and managing partner, says the Bureau's report shows a massive number of the jobs created were in part time employment. Many Americans are now holding multiple, part-time jobs to make ends meet, VAN ALSTYNE says. "This report is a disaster," he adds. Meanwhile, another sign of stress in the US economy comes from the latest data on auto loan sales and delinquencies.

Elsewhere, the CONVERSATION looks at the explosion in assets under management (AUM) in the wealth management industry. Some of the largest asset managers have seen a surge in money inflows. BOVE cites Bank of America which estimates industry AUM has soared $40 trillion in the past decade to a staggering $65 trillion. Where is this money coming from, BOVE asks. Joining the CONVERSATION is our host, JOHN AIDAN BYRNE.