In another surprise (not), November Payrolls increased more than expected
It’s a process, rolling an economy over. November Payrolls exceeded expectations and given the season and the nature of Payrolls as a lagging indicator, it’s no impediment to the 2023 economic contraction view. Nope, nuh uh.
You can click the graphic to get the report from BLS:
On to the details, we find the Good Ship Lollipop sailing along just fine on the calm waters of its massive services industries. You know who has the most secure job in America!
Completely unproductive Government had a nice pop too. Construction is not productive. It’s a knock-on of the services economy.
Still, Manufacturing gained, so that’s something solid. Overall, it’s consistent with late stage economic signaling.
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