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• The November employment report took a stronger tone, signaling accelerating nonfarm payroll growth towards year-end.
• However, we remain cautious about future developments in the US labor market, as goods-producing employment continued declining, while the service-providing employment growth was somewhat distorted by seasonal factors related to the Thanksgiving holiday.• Whatever the recent improvement in the labor market conditions, the employment growth is still relatively weak, placing the ongoing economic recovery among the jobless US recoveries. • Sluggish investment in residential and commercial real estate has been an important factor contributing to the slow pace of growth in employment.
• Jobless recoveries since 2000 may also be attributed to a slowdown on the long-term employment trend.