The rumors associated with the demise of the jobs market in the United States have appeared to be exaggerated. A labor market that has managed to not be affected by the most negative predictions for the economy has been praised by the economists of Wall Street who were surprised by the persistent high pace of the creation of jobs.
The Labor Department on Friday had reported that the economy was able to churn out as many as 266,000 jobs in the month of November as it smashed the expectations and proved how growth being slow does not necessarily meant that the jobs market is also going to be slower.
The date was a blockbuster by all the indications as it has also reduced the expectations of an aggressive stimulus from the Fed.
UBS which is a banking giant has said that their call for as many as three federal cuts in the fund rates still remains, however, their aggressive call that the Fed must be changing their minds by January has been undermined by the strong payroll numbers that have come today.
It added that although the FOMC is going to fade the report’s strength, they are going to see it as a reason to wait till they get more data. Consequently, they will see the first cut in rates happening in the month of March and then in April followed by June.
The creation of jobs was broad-based and salutary, with the rate of unemployment reaching a low of 50 years at 3.5% as they wage growth too quickened by 3.1% and even the manufacturing sector that has been struggling to add many new positions.
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