Jobs Numbers Come in a Little Light

The Bureau of Labor Statistics just released its November Jobs Report and the numbers are somewhat disappointing. According to its Establishment Survey, 245 jobs were added to Non-Farm Payrolls last month. Analysts were expecting growth of 460k while October’s total of 638k was revised to 610k. While the Unemployment Rate did manage a two-tenths decline to 6.7%, that was helped by a decline in the Labor Force Participation Rate to 61.5% from 61.7%. Average Hourly Earnings managed a greater-than-expected rise of 0.3% last month for a year-over-year growth rate of 4.4%; two-tenths higher than forecast. Retail Trade lost 34.7k jobs as Transportation and Warehousing added 145k new positions. The Manufacturing sectors gain of 27k missed estimates of a 40k rise. The number of government employees fell by 99k.

Bond prices are off a little but seem mostly unaffected by this morning’s report. The Ten-Year is still yielding around 92 basis points with the Long Bond around 1.66%. Equities are looking to open in the green as stimulus talks continue to be talked about. Crude oil is enjoying the good news out of the latest OPEC+ meetings and is trading just below $46. Gold is little changed at $1,842.