Jobs Data Came Out Today and the Markets Made Year-to-Date Highs

Tom Gentile

Posted in
Big Picture

By: Tom Gentile
December 8th, 2023

3 mins read

We are in the final month of 2023 and the markets since October 27 have ramped to fresh highs. Granted the market had consolidated the first handful of trading days for December, but after the jobs data came out today the markets, which I use the tracking ETF for the S&P 500, the SPY, made a new closing high for the year.

Figure 1: Year to Date Candle Chart SPY
Figure 1: Year to Date Candle Chart SPY

Jobs Data

Here are some numbers that the market received this morning. The unemployment rate came in at 3.7% unemployment rate and another 199,000 jobs were added, which is slightly above estimates of 190,000.

The unemployment rate unexpectedly declined to 3.7%.

The average hourly earnings was reported running at 4%, which is where they were a year ago and in line with current expectations.

The US economy and the Fed has been dealing with the highest inflation level in more than 40 years so with this data coming in today neither that great nor that bad, the markets made an upward move.

The jury is still out whether we are to see the fed execute a soft landing or not regarding recession, and that seems dependent on whether we see job growth  in 2024 happen at a more sustainable pace, or the economy goes from monthly job gains to monthly job losses.

Then we have the consumer to evaluate. 

The University of Michigan Consumer Sentiment Survey came out with the assessment that inflation expectations fell in December.

My view is that even with uncertainty on the chance of a recession, the markets should inch higher into the end of the year.

Though there is a bit more economic data to come out next week, such as the CPI, PPI, US Retail Sales and Initial Jobless claims.  These will either affect the bullish run or help things stay the current course.

Check out my podcast – links provided below and see what Chris and are talking about regarding items such as the retail sales numbers, the habits of consumers and spending or lack thereof, Gold and more.

Profit Strategies Podcast

My most recent podcast can be found on my YouTube channel. Please subscribe for free to get notified when I post up my latest educational market education and outlook.

The video, which is the latest Profit Strategies Podcast with Chris Johnson, and can be viewed here:

Power Profit Podcast for December 01, 2023

Tom Gentile
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