US non-farm payroll: Checking it twice

The US economy added 64,000 jobs in November, versus consensus of 50,000.

The unemployment rate came in at 4.6% in November, up from 4.4% in September.

Average Hourly Earnings rose 0.1% month-on-month, following a rise of 0.4% in October.

Ellie Sawkins, Investment Analyst at Wealth Club said, “After a chaotic October, the US labour market appears to be finding its feet.

Despite a 43-day government shutdown and the ‘Fork in the Road’ federal purge which hit October’s data, November marked a return to the status quo, with job additions largely meeting expectations.

While October remains a statistical anomaly – the first missing unemployment rate since 1948 – November’s lukewarm print provides much-needed cover for the Fed, following its decision to cut rates last week. Ironically, while a rise in unemployment and slowing wage growth might make for a less cheery Christmas for consumers, it may be exactly what the Fed was hoping for.”