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Saturday, 7 December 2019

Smash...even better US data

Lowest unemployment rate since 1969

Wow, another big US jobs report, as employment spiked following the end of the auto strike.

Manufacturing employment alone jumped +54,000 as a result.

Nonfarm payroll employment growth thumped expectations (+266,000) while there were upwards revisions totalling +41,000 to October (+28,000) and September (+13,000) too.

This made for a record 110 consecutive months of employment growth, and the 3-month average gain increased to a very healthy +205,000, which is the highest in 10 months. 

That was enough to push down the unemployment rate to 3.5 per cent, which is the lowest US unemployment rate since the 1960s. 

Underemployment (U6) fell to 6.9 per cent, which is the lowest since 2000.

Earnings growth beat expectations at 3.1 per cent year-on-year.

Stocks will be off the races again!