Job creation surged in November with the US economy increasing by a dazzling 321,000 positions, though the unemployment rate held steady at 5.8%.
The question is how influential temporary and short-term employment, as a result of Black Friday and Cyber Monday, were to this headline number.
This week saw private payrolls rise to 241,000, again much better than the median consensus of 227,000, but not necessarily an indication that the consensus expectation for the non-farm payroll print will be beaten. It is expected that the US added 240,000 jobs in the final month of 2014, and there is a possibility that last month’s number will be revised higher. The unemployment rate is expected to tick down to 5.7%. This could bring forth speculation that a rate hike will arrive sooner rather than later in the US, particularly since Janet Yellen has implied that this benchmark of slack in the economy is closely watched.