EPA surprises, a positive jobs report and Argentine weather dominate grains this week. December 2, 2022
The general trend over the past year is one of lowered levels of job growth. In late 2021 non-farm payrolls were running 400,000 to 700,000 gains monthly. We're now down to 300,000. With that in mind the trade expected a decline to 200,000 on today's monthly employment report from the Department of Labor. That would have been a new low in growth in 21 months. Instead, today's number for November was lightly positive at 263,000. October growth was 315,000 and September saw 537,000. Today's report reinforces the view of interest rate increases ahead.
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