Job Growth: Strong Enough for a Rate Hike, Weak Enough to Frighten
The continued slowdown in year-over-year employment growth is no reason to panic, but it does mean consumption growth could also slow.
World markets generally didn't do very much this week after strong volatility in previous weeks because of the U.S. presidential election. However, almost all equity markets were down for the week as the excitement of potential Trump tax cuts and stimulus was tempered by economic data, especially a jobs report that was less than expected.
Auto sales were no gem, either, with increased incentives, fleet sales, and extra selling days unable to drive year-over-year growth any higher than 3.6%. Adjusting for the added selling days, sales were down 4.7% from a year ago.