12/10: MetroIntelligence Economic Update by P. DUFFY
November job growth rebounds sharply to 266,000, pushing down unemployment rate
Job growth spiked to 266,000 in November, compared with 156,000 new jobs in October and 196,000 last November. The unemployment rate also declined further to 3.5 percent in November, down from 3.6 percent in October and 3.7 percent last November.
November Employment Trends Index rebounds, suggests solid growth in coming months
The Employment Trends Index increased in November to 110.8, suggesting solid job growth will continue in the coming months. Recently published indicators held on better than expected, suggesting that businesses are less cautious than expected, and that economic growth will remain solid, despite a very tight labor market and declining corporate profits.
Consumer sentiment rebounds to 99.2 in early December survey
Consumer sentiment rose to the upper end of the favorable range it has traveled since the start of 2017, rebounding to 99.2 in early December. Nearly all of the early December gain was among upper income households, who also reported near record gains in household wealth, largely due to increased stock prices. The data indicates the continuation of the expansion based on consumer spending.