|Data for week commencing 04 December, 2017|
Doomsday merchants were given another kick in the pants, with the US reporting a staggeringly good jobs number and Wall Street lapped it up. Some 228,000 jobs showed up in November, when only 200,000 was the economists’ guess. And the Dow Jones Index shot up over 100 points, which is not bad for an index in record territory staring down the barrel of a Fed meeting next week, which should bring an interest rate rise, especially after these figures.
The only negative from the jobs report was a 0.2% rise in hourly wage rates, when 0.3% was expected. This is the impact of digital disruption and all the price-killing aspects of the online world nowadays. Who has pricing power and then has the profits to make great pay rises? Apple does but most businesses aren’t in the Apple class.