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Signs of big change in retail

January 9, 2017 --

Jason-00011_cmyk by Jason Norris, CFA
Executive Vice President of Research
Ferguson Wellman,
A leading Oregon financial firm

The Friday jobs report was slightly on the light side with December payrolls coming in at 156,000, which was 19,000 below economist’s estimates. Positively, the previous two months showed 19,000 in upward revisions. However, wages grew at their highest rate since June 2009, coming in at 2.9 percent year-over-year growth. One theme in the December report was that employers said that they are finding it more difficult to find workers. As the labor market has tightened, especially among skilled workers, employers have had to increase pay to find and retain the best talent. The continued improvement in wages pushed the 10-year Treasury yield up 0.07 percent to 2.42 percent.  We believe this report reinforces the Federal Reserve view of two to three rate hikes in 2017.



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