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US Non-Farm Payrolls Rose 228,000

Summary

US November non-farm payrolls rise 228,000.

Average earnings 0.2% on the month 2.5% y/y.

No significant implications for monetary policy.

The headline increase of 228,000 in US non-farm payrolls was above consensus expectations of around 200,000. Unemployment remained at 4.1%, in line with expectations while average earnings growth of 0.2% was slightly below market expectations.

The data has no implications for the December policy meeting with the Fed Funds rate set to be increased by a further 0.25%.

No immediate implications for 2018 policy with no acceleration in earnings growth at this stage, but labour market remains tight.

Average earnings data was slightly weaker than expected, but the dollar is still likely to trade higher into next week's Fed meeting.

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