Decent Data

With 155,000 net new November jobs, the labor market continues to perform well, but may be cooling. The unemployment rate held at 3.7% as folks continued joining the labor force, which is great, and wage growth was unchanged from October’s solid 3.1%, suggesting wage inflation is in check. But, employment growth over the last three months is averaging 170,000/month, the lowest level in a year as finding employees becomes tougher.