The BLS reported nonfarm payrolls came in way above consensus led by job creation in the retail sector. Construction continues to disappoint. Hats off to Nomura for nailing the number. Spot on!
Here’s the BLS,
Total nonfarm payroll employment rose by 146,000 in November, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in retail trade, professional and business services, and health care.
Hurricane Sandy made landfall on the Northeast coast on October 29th, causing severe damage in some states. Nevertheless, our survey response rates in the affected states were within normal ranges. Our analysis suggests that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November. BLS will release the regional and state estimates on December 21st
What next for the Fed?
(click here if charts are not observable)