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News Link • Economy - Economics USA

Oops: November Unemployment Comes In Way Below Expectations

The number: Disaster! 39,000 is way worse than expected. Unemployment rate jumps to 9.8%. Stocks have turned sharply negative on the news after being higher previously. The full report can be found here. Background: No big pre-amble needed here... The consensus is for gains of somewhere around 130-150K on the headline number, but the "whisper" is definitely higher, and there are some calling for gains of close to 200K. A string of good news and improving initial claims numbers has injected a lot of optimism into markets going into this report. It certainly has potential to disappoint. Whereas this summer all the focus was on a private sector payrolls -- which are also expected to be around 140K -- a lot of focus should be on the public sector number. If state and local governments stop slashing jobs, that's a very good sign that one of the huge danger spots is not there.

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