UNITED STATES: JOB CREATION
197,000 jobs created in the private sector in November (211,000 in total)
The US economy remains solid
OUR ANALYSIS
A job-rich recovery
In the previous growth cycle, between July 2003 and July 2007, private sector job creations averaged 150,000 per month. Since March 2010, that average monthly figure has increased to 200,000. The current recovery is therefore proving far richer in job creations than the previous growth period and is more consistent with pre-2000 cycles.
The job report also includes the unemployment rate which remained stable at 5% given an increase in the labour force participation rate. Hourly wages rose by 0.2%, following a 0.4% increase in October.
Overall, this job report is highly likely to provide the Fed with the confidence it needed to increase rates at its next meeting on November 16th.
This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS.
