Assuming that the BLS' estimate of avg hourly warnings growing only 0.2% in November is accurate, it would imply that - as has often been the case - the bulk of job growth in November took place in minimum-paying and other low-wage jobs. However, a breakdown of jobs added by industry shows the contrary to expectations, the bulk of new job creation, and 3 of the 4 top category, were not in the "low wage" bucket.
In a continuation of the recent theme shown by the labor market, the BLS reported that November payrolls rose by a seasonally adjusted 228K, beating expectations of 200K, if lower than October's downward revised 244K (from 261K) while September was revised up from +18,000 to +38,000. With these revisions, employment gains in September and October combined were 3,000 more than previously reported.
Take your pick as to what price you think Bitcoin is trading at this morning...
After an utterly shocking day yesterday with Bitcoin prices soaring towards $20,000 intraday on some exchanges, the true chaos of the cryptocurrency is unveiled ahead of Monday's futures launch.
GDAX shows bitcoin trading up to $19,697 yesterday before plunging to $13,788 and then rebounding...
As we jokingly mocked the sterling-trading algos yesterday ahead of today's "big" Phase 1 Brexit announcement, the market had gotten too far ahead of itself in its exuberance that today's announcement was the final Brexit catalyst, when in reality it only sets the stage for the far more complex, trade-focused Phase II. As a result, and as we expected, GBP/USD had dropped 0.2% following a "sell the news" reversal which sent cable to multi-month highs. It then dropped even more, sliding 0.4% to 1.3420 after EU officials said it's not realistic to expect a trade deal with the U.K.