Weekly Note — Full Employment in the US

Good Morning,

The US labour market looks set to end 2017 on a high note, with payroll employment up 228,000 and private-sector hours worked up 0.5% in November. Part of the strength is due to residual hurricane bounce back effects, but even if we look at the past 3-4 months, the payroll trend remains in the same 150-200k range that has prevailed all year. Admittedly, this is 50,000 below the breakneck pace of 2014-2016, but it remains well-above the rough 100,000 estimate of the breakeven rate.

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GM360 Note – 19th December 2017


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Categories: Daily Note