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Economists called November’s payrolls report a “blowout,” citing the higher-than-expected 266,000 jobs created in the month and said it should silence near-term recession “Grinches.”
The Dow Jones Industrial Average futures YMZ19, +1.00% jumped on the report, which also showed the unemployment rate falling to match a 50-year low of 3.5%.
Read more about the report from MarketWatch.
• “The labor market continues to barrel forward despite the limited pool of available labor,” said Thomas Simons of Jefferies LLC, who labeled the report a blowout and also noted: “To the extent that one can find something negative in this report, [average hourly earnings] was up only 0.2% on the month.”
• “This was a strong report almost all the way through the numbers which will support the US$ DXY, +0.32% today and see bond yields TMUBMUSD10Y, +1.01% rise,” said Andrew Grantham of CIBC Economics.
• “This upbeat November employment report should suffice to silence near term recession Grinches!!!” — Brian Bethune, Tufts University.
