UBS On-Air: Market Moves
Top of the Morning: Nov Jobs Report, Dec Fed preview and the week ahead
Dec 8, 2023
Senior Economist Americas, Brian Rose, discusses the November employment report and previews the upcoming Fed policy meeting. They analyze key findings, notable macro data releases, expectations for monetary policy in early 2024, and important economic indicators for investors.
10:16
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Quick takeaways
- The November Employment Report showed positive signs for the U.S. labor market, with payroll growth and improvements in average hourly earnings and average hours worked.
- The focus shifts to the upcoming Fed meeting and expectations for monetary policy in early 2024, with investors advised to pay attention to economic indicators for insights into inflation and economic activity.
Deep dives
November Employment Report
The November Employment Report showed positive signs for the U.S. labor market. Payrolls increased by 199,000, primarily driven by growth in healthcare, government, and returning workers from strikes. Average hourly earnings and average hours worked also saw improvement, indicating positive implications for household income. Additionally, the unemployment rate unexpectedly fell to 3.7%, with an increase in the labor force participation rate. This data suggests a strong labor market, as reflected in bond yields moving higher and stock market futures reacting in response.
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