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While the 12,000 jobs data announced in the US in November (the October data) came as a surprise, the November data will be released today. The statement from the US Bureau of Labor Statistics at 16.30 GMT today will also be important for the markets. About 214 thousand people are expected to participate in non-agricultural employment.
Another important aspect of today’s data is that it is the last comprehensive labor market data before the FOMC meetings on December 17-18. Number will be issued. The course may change today.
The labor market was subdued, especially after March, as interest rates remained high. An increase of 310 thousand was announced in March, 108 thousand in April, 216 thousand in May, 118 thousand in June, 144 thousand in July, 78 thousand in August, 223 thousand in September and 12 thousand in October.
The unemployment rate has also been above 4 percent since May. While the Fed wants to cool the labor market, it also doesn’t want to see a recession that leads to a recession. The unemployment rate, which was announced as 4.1 percent in October, is expected to rise to 4.2 percent.
In his last speech, Fed Chairman Powell said that the US economy is still strong and it would not be right to raise interest rates too quickly. So, even though the markets expect the opposite, the decision to leave it permanently could be made in December.
The Fed began cutting interest rates for the first time in more than 4 years, cutting interest rates by 50 basis points in September and 25 basis points in November (no meeting in October).
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