After the near 200,000 gain in payroll employment in November, which included the return of 47,000 workers who had been on strike, we expect a more muted 150,000 increase in December. We also anticipate a modest rebound in the unemployment rate to 3.8% and a more muted 0.2% m/m rise in average hourly earnings, which would take the annual growth rate down to 3.8%.
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