Jobs on Jobs on Jobs

The headlines about this morning’s November Non Farm Payrolls report from the BLS are rolling in and they’re almost universally great. The data from any one month is not terribly important and, as we often discuss here, these numbers are prone to several future revisions.

Here’s what we learned today:

* US employers hired 321,000 people last month.

* This was the strongest month of hiring since January 2012 – almost two years ago.

* We’re on track for the best year of job creation in 15 years.

* Combined revisions for September and October add another 44,000 jobs to the three month total.

* Every sector saw growth save for coal mining and other ditch-digging activities that are now on the margin of the modern economy.

* The headline Unemployment Rate remains firm at 5.8% – the best level since the middle of 2008, pre-Lehman.

* Average hourly wages – the number that everyone’s been obsessing about this year – grew by a solid .4%. This means we may be about to see true income growth for the masses, leveling out the epic recovery inequality of recent years.

Lastly, of all the reactions to the report, the move in two-year treasury yields is probably the most noteworthy, given its implications for how much money the banks and brokerages may stand to make should yields find a new level and money markets cease being a not-for-profit line of business:

The pessimists who’ve been screaming about deflation will now change their tune to “The Fed is Behind the Curve!” and commence screaming about inflation.

Carry on.


This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. How Inequality Drags on the Economy commented on Dec 07

    […] good news is that wage growth is starting to spread out a bit more, as Friday’s November NFP release told us. It’s a little bit of an improvement – but more would be […]