December 8, 2017
The November employment report proved stronger than expected as nonfarm payrolls rose 228,000 and included impressive gains for manufacturing, construction and business services. Not rising much, however, were average hourly earnings which were subdued at an annual 2.5 percent. Yet given the strength of the labor market and the outlook for economic growth, wage inflation seems to be just a matter of time. Also during Friday's session, Congress passed a stopgap spending bill to keep the government funded for two more weeks until December 22.
The Dow ended Friday with a 0.5 percent gain to 24,339 and a 0.4 percent gain on the week. Gold fell 2.6 percent on the week to $1,250 while the dollar index rose 1.1 percent to 93.90. And bitcoin had a very good week, up 24 percent to $15,235.