Nov NFP: No Pressure On Wages To Accelerate Fed's Tightening Pace After Dec Hike - CIBC

CIBC Research discusses its reaction to today's US Jobs report for the month of November.
"This US expansion is a virtuous circle in which jobs create spending, and spending creates jobs, and November data stay on that message, but also didn't alter the tale of moderate wage gains. The 228K increase in payrolls was a tad above consensus, but the 4.1% jobless rate matched forecasts. Hourly earnings did manage a reasonable 0.2% gain, but a downward revision to the prior month has the 12-month pace at 2.5%, two ticks below consensus forecasts that had been expecting a more meaningful pick-up....
Overall, nothing to sneeze at here, but no pressure on wage inflation to compel the Fed to accelerate its rate hike program after the hike we expect next week," CIBC argues.