Friday’s jobs report was not quite strong enough to alter our expectation that the Fed will deliver another rate cut in December. Jobs added and hourly earnings growth both beat expectations, but only slightly, and the unemployment rate rose slightly. That said, some members of the Federal Open Market Committee are starting to challenge the need for consecutive rate cuts. We continue to expect a substantially slower pace of easing in 2025. Friday’s jobs report was a little hotter than expected.
2 per cent in November, up from October’s 4.1 per cent rate. However, this increase was expected. The data comes as policymakers are weighing up the possibility of delivering another rate cut at the next rate-setting meeting on December 18.
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