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November Employment Report Preview

FYI: Heading into Friday’s Non Farm Payrolls (NFP) report for November, economists are expecting an increase in payrolls of 198K, which would be a decline from October’s report which came in above expectations at 250K. In the private sector, economists are expecting an increase of 200K, which would imply a similar decline versus October as the headline reading. The unemployment rate is expected to remain at 3.7%. Average hourly earnings are expected to grow at a rate of 0.3% versus the 0.2% reading last month. Higher wage growth is probably not something this market wants to see, but with expectations already anticipating some increase, it would have to be a big jump to really have a negative impact on the market. Finally, average weekly hours are expected to be unchanged at 34.5.
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