312,000 net new jobs in November, the biggest increase since 2/18, upward revisions totaling 58,000 for September and October, and Y-o-Y wage growth of 3.2%, the best in over a decade, make the November employment report outstanding. Moreover, the unemployment rose to 3.9% from 3.7% because of more folks working and looking for work! With data like this, household consumption will remain strong and there will be no recession.