U.S. Job Market and Consumer Spending in Focus
Investors will come back from the holiday break in the U.S. to a heavy economic calendar that includes updates on consumer confidence on November 29, the second estimate on Q3 GDP on November 30, a report on construction spending on December 1, and the highly-anticipated employment report on December 2. Economists expected 200K payroll additions in November and for the unemployment rate to hold steady at 3.7%. Hourly earnings are seen decelerating to +0.3% growth from +0.4% in October. The jobs report will be crucial in setting rate hike expectations and terminal rate forecasts just ahead of the next FOMC meeting.