US companies hired 156,000 workers last month, according to this morning’s update from the Labor Dept. Last month’s seasonally adjusted gain reflects a modest improvement over October’s sluggish 135,000 increase. But in contrast with firmer annual results in ADP’s estimate of last month’s employment trend in the private sector, the government’s data translates into another round of softer year-over-year growth.
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The expected risk premium for the Global Market Index (GMI) continued to rise in November, reaching the highest level in more than two years. GMI, an unmanaged market-value weighted mix of the major asset classes, is currently projected to earn an annualized 4.3% over the long term—modestly above last month’s estimate.
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