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Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • It’s U.S. jobs report day:
    • U.S. employers are expected to have added more than 500,000 positions for the second month in a row in November
    • The unemployment rate is seen ticking lower to 4.5% and the average annual earnings growth per hour rising to 5%, in data published at 8:30 a.m. Eastern Time
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    • While all monthly jobs reports are important, today’s numbers have gained extra significance after Fed Chair Jerome Powell signaled earlier this week that the central bank may accelerate the wind-down of pandemic stimulus
    • The data for today’s measure was collected before the omicron variant was found, something which might reduce the market reaction to a strong reading
    • Bloomberg Economics expects the report to reinforce the Fed’s hawkish turn
    • If there’s a wage-price spiral, it’s the Fed’s job to avoid it, Treasury Secretary Janet Yellen said
  • Chile’s Finance Minister Rodrigo Cerda isn’t worried about recession risks as he expects the economy to grow 3% to 4% next year
  • Victoria Rodriguez Ceja is set to become Mexico’s first female central bank governor
  • European Central Bank President Christine Lagarde called the prospect of an interest-rate increase next year unlikely, but said she’d quickly take action to combat elevated inflation should it become necessary
  • Uncertainty surrounding the omicron variant is making some Bank of Japan officials see increased risk in ending or scaling back a Covid funding program set to expire in March, people familiar with the matter said
  • China is looking to ease monetary policy to help small firms
  • finally, Apple Inc.’s caution on waning demand for its latest iPhone is another reason to be worried about the state of the consumer

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