For the week ended 12/7.
The domestic economy is doing pretty darn well these days, and the latest data point on the labor market seems to confirm that. We added 227,000 jobs last month, while expectations were for slightly less at 202,000. In October, the economy created just 36,000 jobs. This comes as a relief, confirming the weak October report was due more to ancillary factors, such as the hurricanes and strikes, rather than a fundamental weakening of the labor
market.
This jump in job creation has now reinforced expectations that the FOMC may not cut baseline interest rates later this month. Yet, I should also point out the unemployment rate notched up to 4.2% in November from October's 4.1%. And this indicator tends to be less affected by the weather, strikes and other such events.
The stock market took the news in stride as the S&P 500 rose another 1.0% on the week. Foreign stocks outperformed, with a 1.7% gain, but remain far behind over longer periods. Over the past year domestic issues are up 35.7% and foreign just 15.5%.
Welcome to Monday, and may you have a productive week.
Interesting data point for the week.
Source: Visual Capitalist
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