Afternoon Note
Jobs continue to increase in the U.S., but wage growth doesn’t. The November private-sector payroll represented 221,000 of the 228,000 jobs added. The current unemployment rate remained steady at 4.1%, as did the labor force participation rate of 62.7%.
• November average hourly earnings, up 0.2%
• Over the last 12 months, average hourly earnings increase 2.5%, versus 2.3% for the 12 months ending in October.
• Average workweek in November was 34.5 hours
Manufacturing added 31,000 jobs in November, up 8,000 from October. The workweek for manufacturing stayed at 40.9 hours and factory overtime was unchanged at 3.5 hours.
Construction added 23,000 jobs up from 10,000 in October. There continues to be a shortage of skilled workers.
Oil is up today on strong demand from China and threats from Africa’s largest oil exporter of a strike. However, oil is still on track for its second consecutive weekly loss. Currently, WTI is trading at $57.14. The latest report from Baker Hughes shows 2 rigs were added last week to 751 rigs, which is up 253 from the prior year. The U.S. is now producing 9.7 million barrels a day, and the highest level since the 1970’s.
Have a great weekend.
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