Wonderful Work

Friday’s labor numbers were excellent! 211,000 net new jobs, upward revisions totaling 35,000 for September and October, an increase in the labor force participation rate from 62.4% to 62.5%, and decent year-over-year wage growth of 2.3%. Better yet, construction added 46,000 jobs, its best showing since 1/14 and retail, which had shown signs of weakness, added 31,000. Mining shed another 11,000 jobs and is down 123,000 since the 12/14 peak.