Don't expect U.S. job gains to keep growing at the same pace as last month, Deutsche Bank's Joe LaVorgna said Friday.
"It's a great report, there's no question about it, but the reason I don't think it's likely to continue is simple. Job growth typically slows when you get to 5 percent unemployment," the bank's chief U.S. economist told CNBC's "Squawk Alley."
The October jobs report released earlier Friday said the unemployment rate had fallen to 5 percent and that 271,000 jobs had been created last month, well above the expected 180,000. Wages rose 0.4 percent from September.
"It doesn't accelerate because you're running out of people," he said. "It's more likely that the wage number — which showed a decent acceleration — it's more likely that that continues than we continue at 271,000 a month."