The US Bureau of Labor Statistics reported 227,000 jobs were added to the economy in the month of November, just above economist estimates of 220,000. This was a major rebound from October’s report, which added only 12,000 jobs due to major disruptions attributed to hurricanes and labor strikes. The unemployment rate climbed back to 4.2% from 4.1% the month prior.
Interactive Brokers chief strategist Steve Sosnick and Citi senior global economist Robert Sockin sit down in-studio with Seana Smith and Madison Mills to react to the fresh labor print and what it may be signaling to the Federal Reserve on its interest rate policies.
“It looked like the labor force participation rate fell to [62.5%]… But to me, the other one that that I think people aren’t really focusing on too much is the monthly wage increase [of] 0.4%. Last I looked, if you annualized 0.4% in the prior 0.3%, that annualized is to quite a bit more than 2%,” Sosnik outlines, which he believes won’t “help the Fed’s narrative” for future rate cuts.
Sockin goes on to say that November’s job gains “doesn’t change the narrative that likely rates are restrictive and they have to at least come down a bit more at a gradual pace.”
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