With whispers that the November jobs report would disappoint to various factors such as winter storms and rising jobless claims, moments ago the BLS reported that November payrolls indeed disappointed expectations, printing at 155K, below the 198K expectations, with the October number revised lower from 250K to 237K.
However, confirming that this number too was weather affected, the BLS reported that “workers unable to work due to bad weather” came at a substantial 129K, well above prior November months (2017 was 84K, 2016 was 19K, 2015 was 97K).
The unemployment rate remained unchanged, as expected at 3.7%, already the lowest since 1968.
And while hourly earnings rose at a hottish 3.1% year over year, and as consensus expected, on a monthly basis, the increase was 0.2%, below the 0.3% expected, and potentially adding fuel to any dovish reversal by the Fed.
Developing
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