Nonfarm payrolls rose 155K in November; unemployment rate held at 3.7%
Nonfarm payrolls rose 155,000 in November with private payrolls up 161,000. The unemployment rate held steady at 3.7% and year-over-year wage growth was unchanged at 3.1%. While the payroll gain was modestly below expectations, it was well within the margin of error of forecasts and the average growth in payrolls over the last three months, at 170,000, remains well above what we judge to be the underlying growth in the labor force. None of this should change thinking at the Fed about raising rates at the December 18-19 FOMC meeting.
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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