United States: Job gains rise in November
Latest reading: Total non-farm payrolls grew by 227,000 in November, improving from an upwardly revised 36,000 in October and surpassing market expectations. The improvement was largely due to a recovery from October’s hurricanes and strikes at aircraft manufacturer Boeing. Meanwhile, the unemployment rate ticked up to 4.2% in November from October’s 4.1%.
Panelist insight: Nomura analysts commented:
“The November employment report was mixed, but broadly positive. Job gains rebounded, as expected, and household income details support a strong consumer outlook. A rebound in retail employment is likely in December, adding some additional near-term upside risk. The rise in the unemployment rate will likely raise concerns among markets and policymakers, but in our view, this month’s move is unlikely to persist.”