Jobs Data Comes in on High Side

December 8, 2017 10:57AM CST

This morning’s Nonfarm Payrolls reading came in at 228,000.  Consensus was 190,000 with a range of 153,000 to 250,000.  Markets were slightly higher ahead of the report, and were likely waiting for the “all clear” signal from this morning’s data before another potential run at new all-time highs.  Threats of a possible government shutdown seem to be overblown, and progress continues to be made on tax cuts.  The latest in regards to the tax cuts that the Republicans are pushing is that they are now mulling easing up on the degree to which corporations would stand to benefit, which has been one of the biggest sticking points from those across the aisle.  Next week, we have another two day FOMC meeting.  It is all but guaranteed we see another hike, but most of the focus will be on whether or not Jerome Powell, the new Fed Chairman, will stay the course on what Janet Yellen had planned for 2018.  All indications for now is that he’ll likely remain on course if the data continues to warrant further hikes. 

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