US Economy

Donald Trump, champion of the people, is surrounding himself with a team of 1%ers the like of which we have never seen before in US politics.

Friday night’s US jobs report was solid: The unemployment rate declined to 4.6 percent in November, and total nonfarm payroll employment increased by 178,000, the U.S.

Cross-posted from Calculated Risk: • At 8:30 AM ET, Employment Report for November.

Donald Trump has appointed his Secretary of Defense, from WaPo: President-elect Donald Trump has chosen retired Marine Gen.

From Westpac’s Elliot Clarke: Although it took the election of Trump to the presidency and his subsequent promise to ‘rebuild America’ to shift the market’s attention toward inflation, core and headline inflation have actually been in a solid uptrend over the past year.

This is a very poor look, from the NYT: Steven Terner Mnuchin, a financier with deep roots on Wall Street and in Hollywood but no government experience, is expected to be named Donald J.

From the New York Times:  Donald J.

Amusing from The Australian: Mining magnate Gina Rinehart has urged the Australian government to adopt the stimulatory policies being promised by US president-elect Donald Trump or risk following Greece along an ­“irresponsible’’ path of increasing government expenditure and debt.

The Donald!

From Chris Weston at IG: There is little doubt that the USD is in a purple patch and having a fantastic run.

From Westpac’ Elliot Clark: Amid uncertainty in the wake of the election of Trump to the presidency, Chair Yellen presented a positive view on the economy to Congress’ Joint Economic Committee.

From Goldman: • President-elect Trump’s proposals, if enacted, would have significant implications for the US economic outlook over the next few years, some positive and some negative.

By Leith van Onselen Three years ago, Barry Ritholtz published a well-reasoned article arguing for a substantial expansion of public infrastructure investment across the US following of decades of underinvestment: Not too long ago, the infrastructure of the United States was the envy of the world.

He’s winning in Florida, North Carolina, Ohio, Virginia, Michigan.

S&P futures have swung from 1% up to 1.6 % down as Trump surges in Florida and looks home: Trump also needs Ohio where he now leads.

Amazing to watch as markets move tick by tick with the vote count in Florida which is do or die for Trump.

Early voting in New Hampshire shows some leaning towards Trump.

Some good news here across many fronts, via Macquarie: Wage growth is strengthening, supporting a cyclical pick-up  One key measure of wage growth (average hourly earnings of total private employees) pushed to a fresh cycle high (2.8% YoY). The monthly number was particularly strong, at +39bps (a 4.7% annualized pace).

From the WSJ: FBI’s Comey Says New Emails Don’t Change Conclusions About Clinton FBI Has Reviewed All New Material Found In Probe, Director Tells Congress FBI Had Recommended No Prosecution Earlier This Year Hillary off the hook.

The US dollar fell again Friday night.