#NonfarmDataBeats Last night's US November non-farm payroll report sent mixed signals to the market and risk assets. Employment increased by 64,000 jobs, exceeding expectations, but the unemployment rate jumped to 4.6%, the highest in four years, indicating signs of a cooling labor market. October's data was significantly revised downward, showing the largest job loss in five years. Other data such as retail sales and the Purchasing Managers' Index (PMI) also painted a relatively weak economic picture. This combination of "better-than-expected job growth" and rising unemployment rate has left
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