US November wage growth remains solid, dashing hopes for the Fed Pivot

US November Payrolls gained 263K, according to the report released by the BLS on Friday. The reading beat estimates however MoM growth was the lowest since April last year.Consensus estimate was 200K, October reading was revised up to 284K. Unemployment level remained unchanged at 3.7% which was in line with the forecast. In the private sector, the number of jobs increased by 221K, in the public sector – by 42K. A significant increase in the number of jobs was noted in the leisure and hotel business - by 88K, in the healthcare sector - by 45K. Meanwhile, in the retail trade and in the logistics sector, the number of jobs declined by 30K and 15K, respectively. Private sector average hourly wage increased by 0.6% in November compared to the previous month. In annual terms, the indicator rose by 5.1% after rising by 4.9% in October. Thus, the pace of wage increases in the United States significantly exceeds the pre-pandemic rates of 2-3%.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/us-november-wage-growth-remains-solid-dashing-hopes-for-the-fed-pivot"
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