Employment Expansion

US employers added 210,000 jobs in November (which will undoubtedly be revised upward next month) as labor demand slightly slowed and labor supply grew as the labor-force participation rate rose to 61.8%. As a result, wage growth slowed to 0.3% for the month, down from an average of 0.5%/month over the past seven months. With the unemployment rate down to just 4.2%, the Fed remains on track to expedite tapering.