U.S. Private Sector Added 179,000 Jobs in November
179,000 jobs were added in November to the U.S. labor market. The latest employment report from the ADP (Automatic Data Processing) National lends credence to recent speculation that US economic activity has peaked, with strong labor market performance but a slight deceleration in job growth.
ISM PMI Shows Factory Activity Increased in November
The November PMI is up 1.6% with a reading of 59.3% according to the ISM report released earlier today. The ISM is a key measure which shows factory activity throughout the US - November’s reading significantly outperformed previous expectations.
FOMC Meeting: December Rate Hike Likely, 2019 Hikes Undecided
The Federal Open Market Committee meeting minutes of the meeting ending on November 09 were released today and largely confirmed the outlook that has been subject of much speculation recently, which is that the Federal Reserve are likely to introduce another rate hike in December with nearly all meeting participants agreeing on that point.
Annual PCE Index Shows Inflation Lower Than Expected
The annual core Personal Consumption and Expenditures index, the Federal Reserve’s preferred measure of inflation, rose 0.1% annually and 1.8% monthly in October, slightly short of the expected readings in both cases.
Unforeseen Growth in Personal Income and Spending
US personal income and consumer spending surpassed growth estimates last month, growing 0.5% in October instead of the projected 0.4%, with a 0.2% jump seen the month prior.
Federal Reserve Chairman Describes Interest Rates as Near Neutral, Stocks Rise
Federal Reserve Chairman Jerome Powell made a statement today saying that the benchmark interest rate laid out by the central bank is near a neutral level, perhaps indicating that the central bank will moderate rate hikes accordingly.
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