December 6, 2019

US job creation beats expectations in November.But other indicators point to a weakening labor market

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In Short

In November, US the economy added 266K new jobs, much above expectations. The unemployment rate fell to a record low of 3.5%.
US job creation beats expectations in November.But other indicators point to a weakening labor market
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Highlights:

  • In November, US the economy added 266K new jobs, much above expectations. The unemployment rate fell to a record low of 3.5%.
  • One off factors, like the end of the strikes in the auto sector, explain a part of the rebound. But employment growth was particularly strong in other sectors like healthcare.
  • This very positive performance contrasts with the mixed signals coming from other data, like job openings and business surveys.
  • The November labor market numbers will confirm the Fed in its decision to stay put; however, we still expect that weak Q1 will lead to another rate cut by the summer.

Download the full publication below

US JOB CREATION
BEATS EXPECTATIONS IN NOVEMBER. BUT OTHER INDICATORS POINT TO A WEAKENING LABOR MARKET

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