The labor report for November is released on Friday, Dec. 4th. ITG chief economist Steve Blitz expects nonfarm payrolls to rise by 208,000. ‘I think people are going to be looking for some kind of a signal from the data on [whether the Federal Reserve will raise rates] during its next meeting in December,’ Blitz said. The markets are pricing in a 75 percent chance that the Fed moves short-term interest rates off crisis-era levels when it wraps up its two-day policy meeting on Dec. 16. Friday’s numbers are the final labor report before the Fed’s December meeting. Blitz’s forecast is below the better-than-expected 271,000 jobs created in October, well beyond the key monthly level of 200,000 jobs, considered healthy by economists. Though Blitz said the Fed likely needs to see at least 150,000 jobs created in November in order to pull the trigger and raise rates in December. TheStreet’s Scott Gamm speaks with Blitz.
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