US non-farm payroll report came in generally weaker than expected. NFP showed only 155k growth in November, well below expectation of 200k. Prior month’s figure was also revised down from 250k to 237k. Unemployment rate, though, as unchanged at 3.7% and matched expectation. Meanwhile, average hourly earnings rose only 0.2% mom, missed expectation of 0.3% mom. The data adds to the argument that while US job growth is still strong, momentum has already peaked.
