Slow but steady jobs growth continues to be par for the course in the US
Slow but steady jobs growth continues to be par for the course in the US. For once, the ADP jobs report provided a relatively accurate estimate for the government jobs number. Total non-farm employment rose 203,000 in November, with gains in transportation and warehousing, health care, and manufacturing. The unemployment rate dropped from 7.3% to 7%. Overall, the trend in job growth continues to remain steady at just over a 2% year over year increase. Moreover, personal consumption expenditures increased by 0.3%, perhaps a sign that retail spending will be strong in November. On the flip side, disposable personal income dropped 0.2%, the first monthly decline since January. While it's important to see both income and consumption rise, monthly data can vary quite a bit from period to period. Most importantly, the US needs to continue created jobs. (VIEW LINK)
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