Headline Alert
Economic Update: Jobs Report
This jobs report was a big surprise – in a good way.
Nonfarm payrolls for November were reported down just -11K, which was significantly below the consensus for job losses totaling -125K and the whisper numbers for an even higher number.
The Unemployment Rate, which was the subject of much discussion yesterday actually fell to 10.0% from last month’s reading of 10.2% and was also below the consensus for 10.2% .
In addition, October Nonfarm Payrolls were revised to -111K from -190K and September was revised to -139K from -219K. Thus, when you add in the revisions to the September numbers, the economy lost 159,000 fewer jobs than had been anticipated.
The nonfarm payroll number is the best reading since the date the recession began in December 2007.
DJIA futures have soared in response to the report and now stand more than 120 points above fair value.
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