The U.S. Bureau of Labor Statistics released data last night (6) showing that the U.S. added 227,000 non-farm jobs in November, higher than the market's expected 202,000, and better than expected; the previous value was also significantly revised from 12,000 to 36,000; however, the unemployment rate in November also rose from the previous month's 4.1% to 4.2%.
The probability of a 1 basis point interest rate cut this month has risen to 85.1%.
Although the non-farm employment and unemployment rate data are mixed, the slight increase in the unemployment rate has also led to market expectations that the Federal Reserve (Fed) will implement a rate cut at this month's FOMC meeting.
Renowned economist Mohamed El-Erian described the November employment data as 'somewhat strong, but not too strong', paving the way for a rate cut in December: although hourly wage growth remains strong, the rise in unemployment rate allows the Fed to comfortably lower the Interest Rate by a notch.
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The U.S. Bureau of Labor Statistics released data last night (6) showing that the U.S. added 227,000 non-farm jobs in November, higher than the market's expected 202,000, and better than expected; the previous value was also significantly revised from 12,000 to 36,000; however, the unemployment rate in November also rose from the previous month's 4.1% to 4.2%.
The probability of a 1 basis point interest rate cut this month has risen to 85.1%.
Although the non-farm employment and unemployment rate data are mixed, the slight increase in the unemployment rate has also led to market expectations that the Federal Reserve (Fed) will implement a rate cut at this month's FOMC meeting.
Renowned economist Mohamed El-Erian described the November employment data as 'somewhat strong, but not too strong', paving the way for a rate cut in December: although hourly wage growth remains strong, the rise in unemployment rate allows the Fed to comfortably lower the Interest Rate by a notch.