Blowout jobs report means Fed may sound even less likely to move on interest rates

The surprisingly strong November jobs report added 80,000 more jobs than consensus forecasts, and strategists see the solid report as another sign the Fed will remain on hold.

A hiring sign is displayed in a business window along a shopping street in lower Manhattan on July 05, 2019 in New York City.makes it less likely the Fed will move to cut interest rates, and it could even sound more hawkish when it meets next week. "The bottom line is the labor market is cooking. It clearly says the Fed should not do anything more. The Fed can now sit back on the shelf, not have to worry about having to be pestered about lower rates," said Ward McCarthy, chief financial economist at Jefferies.

The focus of the market in the week ahead is likely to be more riveted on trade than the Fed, because of President Donald Trump'ls looming Dec. 15 deadline on $156 billion in new tariffs on China, if there's no deal., and interest rate outlook little changed when it releases new projections after its Wednesday meeting. The Fed has emphasized that it is on hold as long as the economy continues to show a moderate pace of growth and low inflation.

"Forty percent of the gains were in health care and leisure and hospitality, with food services driving it. Anything not affected by trade is holding up," she said, but also added that retail is weak as online continues to take jobs from brick and mortar stores.

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