(Bloomberg) -- The jobs report for November released Friday makes it a near-certainty that the Federal Reserve will hike interest rates later this month. Moreover, the data also further illustrate the divergence in the policies of the Fed and the European Central Bank. And they highlight the cyclical and structural complexities facing the U.S. economy, which will require the Fed to pursue the loosest tightening cycle in its modern history.

The U.S. economy created 211,000 new jobs in November, according to the data released by the Labor Department. After favorable revisions to prior months’ data, this translates to a robust 12-month average of almost 240,000 monthly job gains. The unemployment rate was unchanged at 5%, and earnings grew at an annualized pace of 2.3%, thanks to a .2%  increase in hourly earnings in November. The participation rate edged up to 62.5% from 62.4%.

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