Solid Jobs Report
Best month of job growth in three years. NYT: "Employers added 321,000 jobs in November ... average hourly earnings surged 0.4 percent in November, twice what economists had been expecting and a sign the healthier economy is finally translating into wage gains for ordinary workers ... If gas prices stay where they are, the typical household will save roughly $600 over the next 12 months. The overall expansion of the economy, as measured by the annual rate of growth in gross domestic product per quarter, has also been picking up steam."
Could it prompt Fed to raise interest rates? Reuters: "Average hourly earnings rose by 9 cents in November, which left them up 2.1 percent from a year ago - still well below the increase of 3 percent or more that economists say would make the Fed comfortable lifting benchmark overnight rates from near zero, where they have been since December 2008. Many economists expect the Fed to wait until mid-2015 before hiking rates."
Kansas City fast-food worker becomes face of a movement for a living wage. NYT: "...after working his second job of the day, as a $7.47-an-hour cook for Pizza Hut, he returned home 16 hours later, around 11 p.m., after his daughters had gone to sleep. 'The kids started saying, "Daddy, we never get to see you,"' said [Terrance] Wise ... As leader of the Fight for 15 campaign, Mr. Wise is sometimes a calming presence, sometimes an inspiring activist.
Pelosi Leans Forward
Republicans think shutdown will be avoided. Bloomberg: "'The House will work to keep the government open while keeping our leverage so that when we have reinforcements in the Senate, we’re in the strongest position to take additional actions to fight the president’s unilateral actions,' Boehner told reporters ... House Appropriations Committee Chairman Hal Rogers, a Kentucky Republican, said he and Senate counterpart Barbara Mikulski, a Maryland Democrat, plan today to 'sign off on the final deal' to finance the government."
But Pelosi urges Dems to hold out. Politico: "In a closed Democratic whip meeting Thursday morning, the House minority leader warned Democrats not to rush to support the Republican efforts to fund the government until they see what’s in the bill. 'If we stay together, we have leverage,' Pelosi said ... [She] is most concerned about so-called policy riders — provisions that dictate or limit how the government spends its money ... She’s particularly concerned about changes to the Occupational Safety and Health Administration, the National Labor Relations Board and D.C.’s marijuana law."
Final bill expected to be released Monday reports Roll Call.
House tax break bill may not clear Senate. The Hill: "'Everyone knows we have to do a spending bill. Everyone knows we have to do a defense bill,' Reid said on the Senate floor. 'Everyone knows that we’re trying to do some tax extenders. We’re trying to do that but we’ll see.' ... Republicans argued it was necessary otherwise there would be a tax hike for 2014 or headaches for the Internal Revenue Service (IRS) if legislation was passed after the 2014 tax season started. Some lawmakers have complained that the short-term bill could harm the economy because uncertainty for the 2015 tax season would loom until Congress takes long-term action."
