(Bloomberg) — The US labor market strengthened in November with pickups in employment and wages, deflating hopes the Federal Reserve will cut interest rates early next year.
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The acceleration in payrolls is at odds with recent reports that have depicted a softer hiring pace, an outcome favored by the Fed as it will help rein in demand and tame price pressures. Officials are still expected to leave rates unchanged when they meet next week.
Elsewhere, Japan’s economy contracted in the third quarter by more than initially reported, while Brazil’s barely expanded in the period. Economists are betting on a more pronounced slowdown in Hong Kong given challenges from China and higher interest rates.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
Payrolls increased 199,000 last month following a 150,000 advance in October. The return of striking auto workers helped boost the count by 30,000. The solid labor-market figures shift focus to inflation numbers this coming week as Fed officials gauge how long to maintain interest rates at this cycle’s peak.
Consumer sentiment rebounded sharply in early December, topping all forecasts as households dialed back their year-ahead inflation expectations by the most in 22 years. Consumers see prices rising at an annual rate of 3.1% over the coming year, the lowest level since March 2021. The 1.4 percentage points decline from the prior month was the…