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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