🇺🇸Cable FX Macro Weekly Note: U.S. Nov. Non Farm Payrolls

**As seen in Risk In The Week report 11/26/2022, cablefxm.co.uk/reports

The jobs report pointed to further strength in the labour market as the headline surprised at 261K vs the consensus of 193K, the prior release was revised higher to 315K. The unemployment rate could have been well received by Fed officials as it ticked up to 3.7%, higher than market expectations. A more stubborn figure was recorded in the wage growth front, the M/m expansion came at 0.4%, higher than the consensus forecast, while the Y/y metric eased to 4.7%, in line with expectations. Analysts at CIBC noted that jobless claims increase modestly over the November survey period, the Conference Board indicator of job availability deteriorated in October, and the ISM services employment index slipped into contractionary readings. CIBC expects the headline to post an addition of 180K jobs on the month, while it says that the impact of Fed hikes is yet to materialize, so they would expect a deterioration in the jobs market during 2023. A labour market cooldown is set to stop the Fed from raising rates in 2023, CIBC says.