Nonfarm payrolls rose 148K in December; unemployment rate held at 4.1%
Nonfarm payrolls rose 148K in December, the unemployment rate held at 4.1%, while average hourly earnings increased 0.3% raising year-over-year wage growth to 2.5% from 2.4%. Relative to the volatility in monthly payroll changes, this report was close to published expectations and there is nothing here to suggest any change in labor market trends. The unemployment rate is set to decline significantly further on the continuation of these trends into 2018 and we expect diminishing slack to be a major driver of Fed policy this year.
RDQ Economics provides global macroeconomic consulting services with an emphasis on U.S. economic fundamentals and monetary policy.
Our views are driven by consistent application of classical economic and monetary principles and has generated superior anticipation of changes in the stance of monetary policy and of movements in economic growth and inflation.
The founders of RDQ Economics, John Ryding and Conrad DeQuadros, have a combined experience of 26 years on Wall Street, 12 years of experience in central banking at the Federal Reserve and the Bank of England and nine years in the independent research space. John and Conrad have worked closely with fixed income, foreign exchange, and equity traders and portfolio managers, which has enabled their analysis and advice to be tailored to a clientele that is focused on trading and investment decisions.
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