Note: Job numbers include 50,000 GM workers who returned to work.
The unemployment rate dipped to 3.5% from October's 3.6% rate, where it was expected to remain, while average hourly earnings were up 0.2% m/m, below projections of a 0.3% increase, but October's initially-reported 0.2% rise was adjusted upward to a 0.4% gain. Y/Y, wage gains were 3.1% higher, versus estimates of a 3.0% pace, and versus October's upwardly-revised 3.2% increase. Finally, average weekly hours remained at 34.4, matching estimates.
Today's upbeat Labor Report followed yesterday's unexpected drop in jobless claims to aid sentiment as employment data continues to be a key to watch for any signs of a breakdown in the bifurcation in the economy between weak manufacturing/capex and stronger services/consumption.
The University of Michigan's Consumer Sentiment Index rose to 99.2, above the consensus of 94.7 to 97.5 and higher than November's 96.8 level.
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