The November jobs report is the most important piece of data for inflation this year – and not in a good way

The US jobs report for November on Friday showed that the US economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%.

Economists polled by the Wall Street Journal had expected 200,000 jobs to be added.

Wages jumped 0.6% in November, twice the expected pace.

Here are some initial reactions from economists and other analysts like DJIA to US stocks,

The yield on the 10-year Treasury note TMUBMUSD10Y was trading lower.
He jumped after the non-farm payroll data.

  • “You probably want to revise your view of inflation and it’s a dynamic in general based more on today’s jobs report than on any other data report this entire year. The report squanders it,” Jason Furman, a Harvard economics professor and former White House economist, said in a tweet. Hopes that wage growth has waned.

  • “The stronger-than-expected monthly payroll reading of 263,000 as well as the sharp rise in wages … will reinforce the Fed’s assessment that the labor market remains very overheated, and rates will need to be higher for longer in order to bring them back into balance,” said Krishna Guha. Vice President, Evercore ISI.

  • “The Fed is not going to like the renewed strength in wages,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

  • The US job market has lost some momentum this year, but it is still moving forward rapidly heading into the new year. Continue to dampen the momentum in the US labor market at your own risk. said Nick Pinker, head of economic research at Indeed’s Hiring Lab.

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