"After a chaotic October, the US labour market appears to be finding its feet. Despite a 43-day government shutdown and the 'Fork in the Road' federal purge which hit October's data, November marked a return to the status quo, with job additions largely meeting expectations. While October remains a statistical anomaly - the first missing unemployment rate since 1948 - November's lukewarm print provides much-needed cover for the Fed, following its decision to cut rates last week."
"Ironically, while a rise in unemployment and slowing wage growth might make for a less cheery Christmas for consumers, it may be exactly what the Fed was hoping for."
US payrolls increased by 64,000 in November, above the 50,000 consensus. The unemployment rate rose to 4.6% from 4.4% in September. Average Hourly Earnings grew 0.1% month-on-month after a 0.4% rise in October. October's data were affected by a 43-day government shutdown and a federal 'Fork in the Road' purge, creating a statistical anomaly including a missing unemployment rate. November's more muted job gains and slowing wage growth may soften consumer conditions but reduce upward pressure on inflation and provide the Federal Reserve with justification after its recent rate cut.
Read at London Business News | Londonlovesbusiness.com
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