Summary:
November job creation remains robust, with nonfarm payrolls up by 199k, surpassing the 190k estimate and outperforming October's gain of 150k.
NFP (Changes in non-farm payroll)
5/1/2024 (Fri)
Previous (Nov)：199k | Forecast: 163k
Job creation showed little signs of a letup in November. Nonfarm payroll rose by 199k for the month, slightly better than the 190k estimate and ahead of the Oct gain of 150k.
The unemployment rate declined to 3.7% while average hourly earnings increased 4% from a year ago. Data revisions were to the negative side in 2023 if at all, so the figure could have been overvalued too.
The report comes at a critical time for markets to assess the US economy. Most economists expect a sharp economic slowdown in the fourth quarter and tepid gains in 2024.
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