Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation.  Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, according to the Labor Department. Economists surveyed had been looking for an increase of 200,000 jobs. In another blow to the Fed’s anti-inflation efforts, average hourly earnings jumped 0.6% for the month and wages were up 5.1% on a year-over-year basis, also well above expectations.

Pending home sales slid for the fifth consecutive month in October, according to the National Association of REALTORS®. Three of four U.S. regions recorded month-over-month decreases, and all four regions recorded year-over-year declines in transactions.  The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, sank 4.6% in October. 

Shares of retailer Costco shed nearly 6% after the company reported softer-than-expected sales figures for November that could signal a weak consumer heading into the holiday shopping season. The company announced that sales in November rose 5.7% to $19.17 billion on the year, less than the growth seen in October and September.