Opening Rant
Well, here we are again, another month, another BLS job report. At this point, I'm not going to get into anything more. For reporting purpose, the month of November showed that 178k jobs were created and the unemployment once again magically fell to 4.6%. Expectations were for 170k jobs to be created and an unemployment rate of 4.9%. The most magical number of all though is that average hourly earnings, that FELL -0.1% in the month. We have an economy of what is defined as full employment, but there is no wage pressure? If everyone has a job and there is no one out there to hire, shouldn't the laws of supply and demand indicate wages move up? It is what it is, though.
Equity Market
The equity market doesn't seem to think much of this job report one way or the other. The S&P 500 (SPY)