On the November Jobs Report

https://trendmacro.com/system/files/reports/20171208TrendMacroLuskin-G0.pdf
Donald L. Luskin
Friday, December 8, 2017
Small business optimism drives a big payroll beat. We’re still 2.7 million from full employment.
US Macro
Federal Reserve
A beat for payrolls, driven by the break-out in small business optimism to new all-time highs. Hours-worked sharply increased, driving growth in weekly earnings – but there was little growth in hourly earnings, so the Fed has no reason to normalize policy any faster. Jobs growth continues strong despite dwindling unemployment because as many as 1.6 million workers could join the labor force. Jobs would have to grow by 2.7 million to hit full employment