The US economy positively surprised in November by creating 227,000 jobs, surpassing the expectation of 200,000. This reflects a remarkable recovery following a revised 36,000 jobs in October.
By sector, healthcare, leisure, hospitality, and manufacturing led the hiring, while retail trade experienced its largest loss in a year, with a drop of 28,000 jobs.
The market reacted with significant movements, primarily in the fixed income front. Treasury yields fell following an increase in the implied probability of a Federal Reserve rate cut.
At the macroeconomic level, the November report reaffirms the strength of the US labor market, but the rise in unemployment and drop in labor force participation raise doubts about its dynamism.
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