Friends
The jobs number came in better than expected. 228,000 new jobs were created in November vs. the expectations of about 190,000. The unemployment rate remains at 4.1%, and average hourly earnings increased by .20% for the month and 2.5% year over year. All this should all but assure that the Fed will raise rates .25% next week at the FOMC meeting. Job creation continues to be strong while wages continue to increase, albeit not at a very robust pace, but nevertheless moving higher.
Stocks seemed satisfied with the report as the market averages spent the day in positive territory. by the close, the Dow Jones Industrial Average was up 117 points to finish the day at 24,328. The S&P 500 was up 14 points to close at 2,651. Gold was down $3 to trade at $1,249 per ounce, while oil was up $.66 to trade at $57.35 per barrel WTI.
As mentioned, we will be focusing on the FOMC meeting next week and the probability that Fed will raise rates. This week ended stronger that we might have expected. Was that the best shot the bears had before year end? Let’s see how next week goes.
Have a great weekend everyone.
