Labor market continues to post solid gains
WEEKLY MARKET COMMENTARY |
Fundamental data to close out 2017 in manufacturing, household spending and wholesale retail sales all point to an economy that has shifted into third gear in front of a large corporate tax cut that figures to turbo charge growth in the near term despite the modest deceleration in the pace of hiring in December to 148,000. This brings the total number of new jobs created in 2017 to 1.9 million, while the unemployment rate declined from 4.7 percent to 4.1 percent to close out the year. This is in line with our forecast of growth in monthly employment during 2018 to 150,000 from the 173,000 average in 2017.