The U.S. economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%, according to the November U.S. jobs report on Friday.
Economists polled by the Wall Street Journal had predicted an addition of 200,000 jobs.
Below are some initial reactions from economists and other analysts as DJIA, SPX, traded lower and the yield on the 10 year Treasury note TMUBMUSD 10 Y went up following the data on nonfarm payrolls.
The U.S. labor market has lost a lot of momentum this year, but it is still moving ahead as we approach the new year. You can underestimate the momentum in the U.S. labor market at your own peril. Job gains are added at a pace that would have drawn cheers in the year 2019. Nick Bunker, head of economic research at the Indeed Hiring Lab, said that the labor market might encounter some bumps in the road next year, but it is heading into 2023 cruising.