Fed set for lift off: Pete Wargent
Pete WargentDecember 17, 2020
The US Federal Reserve is set to lift interest rates for the first time since June 2006.
The Bureau of Labor Statistics reported that the economy added 211,000 jobs in November, while the October result was revised up from +271,000 to a smashing +298,000, and September also saw a positive revision from +137,000 to +145,000 (for a total of +35,000 revisions).
After 68 consecutive months of employment gains, the Fed is finally ready to hike interest rates following its December 15-16 meeting.
Average hourly earnings have increased by 2.3% over the year, with the economy having gained some 13 million jobs since its nadir.
Average monthly employment gains this year have been solid at 210,000, although a bit lower than the 260,000 seen in 2014.
The unemployment rate was unchanged at a 7.5 year low of 5%.
Fed to hike. It's been a while coming!
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.
Pete Wargent
Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.