The labor market is hot, hot, hot, heaping pressure on the Fed to continue raising policy rates.Chief global strategist at Principal Asset Management, Seema Shah, on the latest jobs report showing better than expected job growth.
Why It Matters: A new jobs report showed 263,000 jobs created in November – the unemployment rate stayed steady at 3.7%.
This is a good news/bad news report: Good news – The economy created more jobs than economist expected, and wages also rose. Bad news – The Federal Reserve will likely keep raising rates because the economy hasn't "cooled" enough to slow high inflation; this will likely lead to more expensive borrowing rates for consumers.
by Jenna Lee,