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Dec. 6, 2019, 9:26 a.m. EST

‘That’s a lot of jobs!’ economists exclaim after strong payrolls report

Upbeat report should silence near-term recession worries, says analyst

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By Robert Schroeder, MarketWatch

Economists called November’s payrolls report a “blowout,” citing the higher-than-expected 266,000 jobs created in the month and said it should silence near-term recession “Grinches.”

The Dow Jones Industrial Average futures   jumped on the report, which also showed the unemployment rate falling to match a 50-year low of 3.5%.

Read more about the report from MarketWatch.

• “The labor market continues to barrel forward despite the limited pool of available labor,” said Thomas Simons of Jefferies LLC, who labeled the report a blowout and also noted: “To the extent that one can find something negative in this report, [average hourly earnings] was up only 0.2% on the month.”

• “This was a strong report almost all the way through the numbers which will support the US$ /zigman2/quotes/210598269/delayed DXY +0.53%   today and see bond yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.94%   rise,” said Andrew Grantham of CIBC Economics.

• “This upbeat November employment report should suffice to silence near term recession Grinches!!!” — Brian Bethune, Tufts University.

Also read: ‘Fiscal dysfunction’ may lead to 10% pullbacks next year — and also some good opportunities, fund manager says.

US : U.S.: ICE Futures U.S.
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Volume: 0.00
June 28, 2022 5:39p
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BX : Tullett Prebon
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June 28, 2022 4:58p

Robert Schroeder is the White House reporter for MarketWatch. Follow him on Twitter @mktwrobs.

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