US Economic Update: Job Growth Beats Expectations Amid Service Sector Slowdown

• Last month’s job growth surprised to the upside. This report deviated from the Fed’s anticipated trend of a loosening labor market.
• Once again, healthcare, local government, and leisure & hospitality were the key contributors to job gains
• The ISM Services PMI showed a sharp deceleration in growth.

• The biggest surprise was a significant downturn in services sector employment, a trend that was absent from the jobs report.

• Here is a look at consumer credit rates. The sharp increases will take time to work their way through the economy.

• US consumer credit rose sharply in November, exceeding $5 trillion for the first time.
• Consumers tapped their credit cards, with real balances now exceeding the pre-COVID peak.
• Credit card rates hit a record high.

TO BE CONTINUED..