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Wages advanced 3.1 percent on a year-on-year basis in November. Employers increased hours for workers, pushing the average workweek up to 34.5 hours from 34.4 hours in November designer cufflinks sale. The unemployment rate increased to 3.9 percent from near a 49-year low of 3.7 percent in November as a strong labor market pulled some 419,00 jobless Americans from the sidelines. Fewer workers worked part-time for economic reasons in December. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose two-tenths of a percentage point to 63.1 percent, the highest level since September 2017..

The strong employment report likely keeps the Federal Reserve on course to continue raising interest rates this year, deepening its rift with Wall Street and President Donald Trump, who has chastised the Fed and its chairman, Jerome Powell, repeatedly for the rate increases. Speaking at an American Economic Association event with former Fed chiefs Janet Yellen and Ben Bernanke on Friday, Powell sought to placate jittery financial markets. Powell said the U.S. central bank was “always prepared to shift the stance of policy and to shift it significantly” if necessary designer cufflinks sale. He also said he would not resign if Trump asked him to so..

The Fed raised rates four times in 2018 designer cufflinks sale. The central bank last month forecast two rate hikes this year and signaled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. U.S. financial markets are projecting no rate hikes in 2019. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes US2YT=RR on Thursday dropped below the Fed’s policy rate for the first time in more than a decade..

U.S. stocks rallied on the employment report on Friday and extended gains after Powell’s comments. The dollar .DXY surrendered earlier gains against a basket of currencies and U.S. Treasury yields rose. “This should, at least for today, mute expectations that the Fed is off the table completely this year,” said Omair Sharif, a senior economist at Societe Generale in New York. The December jobs gain pushed total U.S. employment above 150 million jobs for the first time. The Labor Department has not been affected by the partial shutdown of the U.S designer cufflinks sale. government and will continue to publish economic data complied by its statistics agency, the Bureau of Labor Statistics..

Data releases from Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on Dec designer cufflinks sale. 22 amid demands by Trump for $5 billion in funding for a wall on the U.S.-Mexico border. The robust labor market, especially strengthening wage growth, suggests the economy will continue to expand this year despite the ebb in consumer confidence, continued weakness in the housing market and cooling manufacturing activity. “Strong job gains coupled with rising wages should act as a tailwind for consumption,” said Michelle Meyer, chief economist at Bank of America Merrill Lynch in New York..