US DATA: Nov employ report was pervasively weak. Payrolls +39k (pvt
+50k as local govt ex ed -10k) and unemploy rate +0.2pt to 9.8% as no of
unemployed shot up by more than the labor force rose. Revs to Oct-Sept
jobs totaled a mere +38k. Nov jobs composition: mfg -13k, construction
-5k, retail -28,100 (after +13k in Oct), financial -9k; gains were
centered in temp +39,500, healthcare +19,200, restaurants +11,700 after
+22,400 in Oct. NSA Nov payrolls were +217k, not enough to overcome the
adjustment. Agg hours fell and pvt AHE was flat MOM for +2.1% YOY,
suggesting weak IP & incomes ahead. Bonds should rally, risk assets fall
Details: Payrolls/Prior AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Nov +39k —- +2.1% 99.9 9.8% (9.8171%)
Oct +172k +151k +2.1% 100.1 9.6% (9.6443%)
Sep -24k -41k +2.1% 99.7 9.6% (9.5791%)