US nonfarm payrolls increased by 245K in November, significantly weaker than market expectations. Job growth has slowed after gains of around 700K and 600K in September and October. There was a gain of 350K in the private sector, but this was set against large government job losses. The slowing pace of job market improvement, together with surging coronavirus cases, puts additional pressure on Congress to enact a new stimulus package in coming weeks. The FOMC may also decide to ease policy further at its meeting next week.
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