As good news for the labor market goes these days, today’s numbers from Washington for November payrolls rank as one of the better reports in recent memory. Private-sector employment increased by a strong 314,000 last month, way above the +225,000 consensus forecast. “Job gains were widespread, led by growth in professional and business services, retail trade, health care, and manufacturing,” the Labor Department said in today’s release.
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The growth in US retail spending has eased lately, with the year-over-year pace dipping to 4.1% through October — the slowest rise since July. Is that a sign that consumption on Main Street will end the year on a disappointing note? Not necessarily, according to the latest run of reports from the front lines of the retail sector. The government’s November national profile of retail sales doesn’t arrive until Dec. 11, but the preliminary outlook looks mildly encouraging, based on recent figures from private sources. Here’s a summary of what the numbers are telling us at the moment for anticipating next week’s November update on retail sales from the US Census Bureau:
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● German industry orders surge by 2.5 pct in Oct | Reuters
● Bundesbank Cuts Outlook Even as Factory Orders Jump | Bloomberg
● US jobless claims fall back below 300,000 | MarketWatch
● ECB’s Draghi Opens Door to New Stimulus, But Not Yet | WSJ
● Spain’s Industrial Output Growth Rises In October | RTT
● Japan Leading Index Falls To 22-Month Low | RTT
● China Nov data to show economy still cooling | Reuters