U.S. non-farm payroll data exceeds expectations

November’s non-farm payrolls came in at 64,000, a bit shinier than Wall Street’s crystal ball predicted (roughly 50,000). On the surface, that screams “hey, jobs are still being made!” But hold your confetti—because the unemployment rate nudged up to 4.6%, the highest since September 2021.

Yeah, it’s that weird moment where more jobs exist but somehow more people are counted as unemployed. Labor market… you sneaky beast.

Now, what does this mean? Well, if we were to anthropomorphize the Fed, they’re probably leaning back in their swivel chair, sipping coffee, squinting at the numbers, and thinking, “Hmm… maybe we need to lower rates a bit to keep things humming.” The jobs growth is lukewarm, the unemployment uptick signals some slack, and voila—the perfect cocktail for possible interest rate cuts.

It’s like the economy is walking a tightrope: a little more jobs on one side, a slightly rising unemployment on the other, and the Fed holding the balancing pole, trying not to fall into recession-ville.

If you ask me, it’s a subtle reminder that the labor market is slowing, not collapsing—but the story isn’t straightforward. There’s nuance here. Jobs exist, but maybe not in the places or sectors that people want, or not at the pace that keeps everyone comfortably employed.

Honestly? Keep an eye on the next few months. This is the kind of “slow burn” data that tells you more in aggregate than a single number ever could.