BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the economy added just 245,000 jobs in November, less than the 460k expected. The Transportation & Warehousing industry was strong, while Retail Trade and Government jobs were weak. The Unemployment Rate fell to 6.7%, from 6.9% the previous month, as expected. Average Hourly Earnings increased 0.3% in November, higher than expected, and grew 4.4% on an annual basis. Average Weekly Hours were 34.8 in November, the same as the previous month. Overall a weak report, with a significantly lower headline number than expected and the unemployment rate falling just slightly, remaining above pre-pandemic levels. The improvement in the labor market appears to be moderating amidst increasing COVID-19 levels, giving some support to lawmakers to push ahead with additional fiscal stimulus they are currently contemplating. In all, bond yields initially fell following the report but have now ticked higher and equity futures are also higher heading into the market open.
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