JPMorgan Chief U.S. Economist Michael Feroli says the November employment growth rebounded from the storm- and strike-depressed October reading. Private job growth has now averaged 96,000 over the last two months, “toward the lower end of the range of outturns seen this expansion but also showing no pronounced break from similar readings over the summer,” the economist tells investors. For the Federal Reserve, JPMorgan thinks the most important features of the jobs report is the “various signs of increasing labor market slack.” The signs reinforce JPMorgan’s call that the Fed will cut rates another 25 basis points at the next meeting, the economist says.
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