Life is made up of small pleasures. Happiness is made up of those tiny successes. The big ones come too infrequently. And if you don't collect all these tiny successes, the big ones don't really mean anything. ~ Norman Lear (July 27, 1922 - December 5, 2023)

Good evening,

Last week, Fundstrat Head of Research Tom Lee posited that November jobs numbers could come in strong, what with autoworkers, screenwriters, and actors returning to work after ending their respective strikes, and with related industries consequently ramping up. Along with seasonal hiring and better weather, this helped jobs numbers exceed expectations. Stocks temporarily dipped in response to the news before climbing back, as investors initially feared that the numbers would increase the likelihood of higher rates, before concluding that they diminish the likelihood of an upcoming recession.

This was generally in line with expectations on the part of Lee, who saw last month’s jobs numbers as “overall benign.” He said, “To me, it does not necessarily feel like the U.S. job market has suddenly strengthened in the past month.” Lee further argued that this would not be enough to push Fed policymakers in a hawkish direction ahead of next week’s FOMC meeting. 

This was particularly true s...

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