- numbers:
- pace of wage growth slowed
- 223,000 new jobs created in December, 2022
- well ahead of the Street forecast of 200,000
- unemployment rate fell to 3.5% (from 3.7%? was revised to 3.6% in November, 2022)
- most CNBC panelists see these numbers as a great report
- market surges: hourly wages not as high as forecast
- wage growth: 0.3%
- pace of wage growth way down, from 5.5% to 4.1% suggests an inflation rate of 3.5
- as noted, in a recessionary environment, I prefer looking at U-1, not U-3:
Squawk Box, panel:
- "about as perfect report as we could get!"
- goods: we could see deflation this year
- services: ? -- but this report, optimistic
- a strong report; wage growth well below inflation; not a good number if you are a blue-collar worker;
- Liesman: sounded optimistic despite his overall cautious attitude
- unemployment rate down to 3.5%
- long-term unemployed has come down
- tech people losing their jobs, not staying unemployed; finding jobs quickly
- catch-up from Covid for services workers
- beginning of a soft landing? everyone getting jobs but wage pressure less of an issue
- Rick Santelli: optimistic, as usual;
Dow:
- trending flat before the BLS numbers;
- now, up
260300 points about 15 minutes after report released
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