Posted on 12/02/2022 7:58:02 AM PST by Kaiser8408a
Unlike yesterday’s ADP jobs report (only 127k jobs added), the official Federal government report shows 263k jobs added. I like the ADP report, but The Fed pays attention to the BLS numbers. So, …
U.S. employers added 263,000 jobs in November, and the nation’s unemployment rate stayed the same at 3.7 percent, according to data released Friday by the Labor Department. Meanwhile, average hourly pay for workers rose 5.1 percent from a year earlier, to $32.82 from $31.23. But the US headline inflation rate at the last reading was 7.7% YoY that equates to -2.2% REAL Average Hourly Earnings YoY.
Mortgage rates fell to 6.51 yesterday, but expectations of Fed rate hikes (WIRP) and the 10-year Treasury yield are up today. In fact, the 10-year US Treasury yield is up 10 basis points this morning. This will likely translate to higher mortgage rate today.
Inflation is still the humming dragon crushhing the US middle class and at last report stood at 7.7% YoY. Average hourly earnings YoY rose to 5.1% in November, which is good. But inflation takes a huge bite out that number, resulting in -2.2% YoY REAL average hourly earnings.
And the US 10Y-2Y Treasury yield curve has been inverted for 109 straight days.
Here is the rest of the jobs report.
The biggest gainer? Motion picture and sound recording industries followed by logging (with rising energy prices, people have to heat their homes somehow).
(Excerpt) Read more at confoundedinterest.net ...
One of these things is not like the other.
The Market is down a half a percent on the news...Yay.
got it?
Market sees good jobs report as a reason the Fed will continue strong interest rate hikes.
Darned if you do, darned of you don’t. Great position for America to be in.
Doesn’t November usually show a very large jobs gain ?, prepping for Christmas, especially with plenty of cash in peep’s pockets ?
You can only stay in panic for so long, eventually you calm down even as things get worse.
It’s a natural defense mechanism to keep you operating instead of paralyzed by needless fear.
And oh by the way:
“US Yield Curve Inverted For 109 Straight Days)”
No, the 3 month T-Bill has moved back below the 10 year for the first time in a while. An inversion of the 3 month above the 10yr Bond is considered the strongest indicator of recession.
Anomalies galore. Wages increased .5% while productivity is still going down.
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