Business & Economy

On The Money: US adds 155k jobs in November | Unemployment holds at 3.7 percent | Wage growth strengthening | Trump signs stopgap spending bill delaying shutdown

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THE BIG DEAL–Economy adds 155K jobs in November, unemployment holds at 3.7 percent: The U.S. economy added 155,000 jobs in November, below estimates and cooler than October, but the labor market continues to maintain momentum. 

The unemployment rate held at 3.7 percent for the third straight month, the lowest level since December 1969, the Labor Department reported on Friday.

Expectations have been for around 190,000 jobs to be added. 

Employment gains in September and October combined were 12,000 jobs less than previously reported. 

The economy has added jobs for 98 straight months, beginning in October 2010 under former President Obama. It is the longest streak of monthly jobs growth on record. The Hill’s Vicki Needham breaks it down here.

 

Fed-watching: The Federal Reserve’s policymaking arm, the Federal Open Markets Committee will meet in two weeks for the final time of 2018. The bank is expected to hike rates for the fourth time this year, and the solid jobs report plus strong wage growth makes it more likely the Fed will move ahead. But federal data on jobless claims, manufacturing output and inflation set to be released next week could complicate the Fed’s decision.

 

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LEADING THE DAY

Trump signs stopgap spending bill, averting shutdown: President Trump on Friday signed a stopgap spending bill to avert a partial government shutdown, the White House said.

The measure will fund certain government agencies for two weeks, until Dec. 21. The House and Senate unanimously passed the bill this week.

The move essentially punts a contentious debate over Trump’s desire for a wall along the U.S.-Mexico border since former President George H.W. Bush’s funeral services halted congressional business ahead of the initial Dec. 7 funding deadline. 

Republicans and Democrats have been locked in a stalemate for months over how much money to provide for Trump’s border wall.

 

Tariff payments hit record high in October, pro-trade group says: The amount of import taxes paid by businesses in October was the highest in U.S. history, hitting $6.2 billion, according to a new report from a pro-trade group.

“Americans are paying these taxes and they’re paying more than ever before. These tariffs are not making our country wealthier, they are doing the exact opposite,” said former Rep. Charles Boustany (R-La.), who’s now spokesman for the Tariffs Hurt the Heartland campaign.

The campaign is a project of Americans for Free Trade, a group comprised of 150 trade associations opposed to tariffs and President Trump’s trade policies. The Hill’s Niv Elis breaks down the report here.

 

US wants to charge Huawei executive with fraud over Iran: U.S. prosecutors want to charge an executive for Chinese telecom giant Huawei with fraud related to allegations that she skirted sanctions against Iran, a Canadian prosecutor said in court on Friday.

Huawei CFO Meng Wanzhou was arrested by Canadian authorities last Saturday at the request of the U.S. after allegedly violating trade sanctions against Iran.

The charges against Meng relate to Huawei’s relationship with SkyCom, a company that reportedly tried to sell computer equipment to Iran, according to The Wall Street Journal.

Meng’s arrest has stoked trade tensions between the U.S. and China. The Hill’s Harper Neidig has more.

 

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