According to the latest jobs report, the US added 199,000 jobs in the month of November while unemployment fell to 3.7%, both data points contrary to economists’ expectations.
RSM Chief Economist Joe Brusuelas likens this labor print as “just another in a steady drumbeat of positive economic news,” while Wolfe Research Chief Economist Stephanie Roth believes markets could re-adjust after running with the Federal Reserve’s previous employment narrative.
“By the time we get to the second half of next year, the Fed will be well-positioned to cut rates because we’re going to be headed towards 2.5% on core and top-line inflation by the end of next year,” Brusuelas tells Yahoo money management, elaborating on the Fed’s inflation and recession outlooks for 2024.
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