US DATA: Econ at Pierpont Sec call for “only” +160K on Nov NFP noting
that Oct payroll increases “in a few industries probably
exaggerated the underlying firming,” adding that the uptick in
construction jobs in Oct was premature given the bleak picture
for the sector. He also does not look for robust retail hiring
in Nov, but rather a deceleration. He adds that revisions can be
powerful and that “snother round of upward revisions, this time for
September and October, could leave average private sector job growth
over the past five months above 150,000, a far cry from what the FOMC
thought on November 3 when it adopted QE2.”