Bankinter| Non-farm job creation surprised positively in November and the unemployment rate fell by two tenths, to 3.7%.
Non-Farm Employment: +199K versus +185K estimated versus +150K previous. Private Sector Employment: +150K versus +159K estimated and +85K previous (revised from +99K). Manufacturing Employment: +28K versus +30K expected vs -35K previous. Unemployment Rate: 3.7% versus 3.9% expected and previous. Labour Participation: 62.8% versus 62.7% expected and previous. Average Earnings/Hour (year-on-year): +4.0%, same as expected and previous.
Analysis: Positive data reflecting strong employment generation and a fall in the Unemployment Rate. In addition, average hourly earnings were maintained. This record reflected the recovery after being affected the previous month by the strikes in the automobile sector, as shown by the Manufacturing Job Creation, which fell -35k in November. There was also an increase in hiring in the Public Sector, Pharmaceuticals and Leisure. On the negative side, the retail sector stood out.
