Payrolls rebound in November from weather and strike related distortions. But the trend in hiring has clearly moderated. The unemployment rate ticked up to 4.2% amid more baby boomers exiting the labor force. Consumer sentiment increased in December, but so did inflation expectations. Wholesale used vehicle prices rise from a year ago for the first time since 2022. These reports should keep the Fed on its rate normalization path in December, but support a slower pace of rate cuts in 2025.
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