US nonfarm payrolls likely rose another solid 175,000 in November. That is slightly faster than the 161,000 seen in October, but broadly in line with the average seen over the past three months. If anything, the most timely labor market indicator points to some upside risks, as jobless claims dropped to a 43year low in the middle of the month. In addition to very low layoffs, labor demand has remained strong with the number of jobs close to a record high. The jobless rate likely stayed at 4.9%, after declining in October. As the US economy approaches full employment, wage gains continue to rise, while payroll gains slow gradually towards the trend growth rate in the labor force.