Disappointing Payroll Report Argues for Fiscal Support

It’s rare that a weaker-than-expected employment report is perceived as good news, but that’s the case this morning. November nonfarm payrolls increased by just 245k, falling well short of the 460k median forecast. Although the cutoff for data collection was the 12th of the month, the slower pace of job growth in the company survey was already reflecting the mounting number of new coronavirus cases…which has only worsened in recent weeks.

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