Wed. Nov 25th, 2020

US economy smashes forecasts with 266,000 new jobs in November – business live

America’s non-farm payroll has surged by the most in 10 months, in a boost for the economy….and Donald Trump


1.52pm GMT

As suspected, the end of the General Motors strike did boost job creation last month:

Manufacturing added 54,000jobs— including 41,000 in motor vehicles & parts as GM workers return to work after the strike.

Manufacturers added 54k jobs in November. Implies factory employment was roughly flat in both October and November once you take out the GM strike effect.

#NFP – 3m avg now 205k, highest since Jan

Blockbuster US jobs report. Larger than expected payrolls surge (266k vs 180k cons), even in manufacturing. AHE below expectations on MoM (+0.2% vs 0.3% cons) but a beat on YoY basis (+3.1% vs +3.0% consensus).

Returning GM workers or not, that’s a solid payroll report. +266k with +41k in revisions, mostly private (not gov’t), manufacturing gains, solid wage trends, workweek steady, and labor force participation only down 0.1%. Bottom line: Labor market remains solid. #NFP

1.47pm GMT

Bloomberg’s Matthew Boesler has spotted that wage growth for some US workers has hit the highest level since the financial crisis.

Live-blogging this jobs report on TLIV <GO>. First thing to catch my eye is this big upward revision to wage growth for production and nonsupervisory workers: 3.76% in October and 3.65% in November mark the two highest prints of the expansion

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