Rumors of the U.S. jobs market’s demise appear to have been exaggerated.
A labor market that’s managed to defy the most dire economic predictions was met with effusive praise by Wall Street economists, whom for the most part were largely slack-jawed by the brisk pace of job creation.
On Friday, the Labor Department reported that the economy churned out 266,000 jobs in November, smashing through expectations and underscoring how slower growth isn’t necessarily translating into a weaker jobs market.
By all indications, the data was a certified blockbuster —and diminished expectations of more aggressive monetary stimulus from the Federal Reserve.
“Our call for three cuts in the federal funds rate next year stands, but our aggressive call that the [Fed’s Open Market Committee] could change their minds by the January