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The results of US NFP last week(Dec 8th) and What happened in the markets
Nonfarm payrolls rise more than expected. Wages stay muted.
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The monthly payrolls report released the U.S. Bureau of Labor Statistics showed that employment increased more than forecast for the month of November.
While the unemployment rate remained unchanged, wage growth was seen to be sluggish and almost stayed flat during the period.
The unemployment rate in the U.S. remained steady at 4.1% while the U.S. economy was seen adding 228k jobs.
October’s payrolls were revised higher to show 244k jobs.
Economists polled were expecting to see the U.S. employment rise by 200k jobs. Most of the job gains came from the good producing sector which added 62k jobs.
Manufacturing jobs rose 31,000 during the period.
The data from BLS showed that employment trend continued to rise with the business services and healthcare contributing from the services sector. Retail sector also added to the jobs.
The average hourly earnings rose 2.5% on the year, slightly higher from October’s 2.4% but it was below forecasts of a 2.7% increase.