Global stocks rose as investors increased expectations for a U.S. interest rate cut following strong job growth in November, with futures markets now pricing in an 85% chance of a 25 basis point cut at the upcoming Federal Reserve meeting. Nonfarm payrolls surged by 227,000 jobs, surpassing forecasts, while the unemployment rate ticked higher despite a declining participation rate. "Data this morning was a Thanksgiving buffet with payrolls spot on," noted Lindsay Rosner from Goldman Sachs Asset Management.
Payrolls surged by 227,000 in November, surpassing expectations, while the unemployment rate rose to 4.2% as the labor force participation rate declined. Job gains were primarily in health care, leisure and hospitality, and government, though retail trade saw a drop of 28,000 jobs. Average hourly earnings increased by 0.4% from the previous month, supporting expectations for a potential interest rate cut by the Federal Reserve in December.
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