Announced this morning, the economy added 155,000 jobs in November, less than forecasts. The unemployment rate held steady at 3.7% and Average Hourly Earnings, a measure of wage growth, grew 3.1% on an annual basis. Despite a lower than expected headline number, the firm labor market appears intact as decent underlying wage growth remains. The Federal Reserve will continue to monitor impacts of the firm labor market on inflation, which is still near their stated targets, as they adjust their interest rate policy in the months ahead. Uncertainty regarding interest rate policy and the trade negotiations between the U.S. and China should be primary drivers of markets in the nearterm. Following the report, equity futures turned higher after being lower earlier in the session.
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