Labor Market Conditions Index Rises Only Slightly

Friday's employment report, led by a 211,000 rise in non-farm payrolls, was solid but didn't give the labor market conditions index much of a boost, coming in at only plus 0.5 vs expectations for plus 1.7. The October index, however, was revised 6 tenths higher to plus 2.2 reflecting in part the upward revision to that  month's nonfarm payroll growth which now stands at a very impressive 298,000. After dipping in the spring, this indicator, despite November's soft outcome, is now on a seven-month winning streak.