XRT - UAW's Return To Work Pushes US Jobs Growth Higher But Dark Clouds Hover Over Retail Sector | Benzinga
Thursday’s headline number in jobs growth — 199,000 in November, beating expectations of around 180,000 — appeared to take the shine off hopes for a raft of interest rate cuts next year.
But the big number may have been flattered by thousands of workers returning to the labor force following recent strikes.
Equity indices were flat at the open on Wall Street, while the dollar climbed — an indication that some rate cut bets were being taken off the table. A stronger labor market would appear to undermine concerns of the fragility of the U.S. economy.
A deeper dive into the numbers, however, suggests there are still areas of stress, particularly surrounding the main cog of economic activity — the consumer.
But first, let’s look at the big number, and why it so significantly beat the prior month’s 150,000 new jobs and surpassed the 180,000 average forecast by analysts.
Read Also: November Jobs Report Outruns Expectations, Unemployment Drops
Strikers Returning To The Workforce
Employment in the manufacturing sector of Thursday’s ...