US DATA: Nov employment report was mixed, with payrolls an about avg
+120k but up-revisions to Oct-Sep at +72k and a 0.4pt drop in unemploymt
rate to 8.6% (biggest drop since a similar 0.4pt drop in Dec’10). Labor
force and particip rate fell, & most of the drop in unemployment was in
adult men, indicating people are not getting jobs but leaving the mkt.
Pvt AHE +2c for +1.6% YOY but hrs dipped, implying income gains but
slow production. Payroll composition: Mfg +2k, construction -12k,
retail +49.8k, finance +8k, leisure +22k (+32.7k in restaurants),
health +17.2k, but govt -20k as state & local fell. Overall, not so bad
but still indicating an anemic economy with still high unemployment.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Nov +120k —- +1.56% 101.6 8.6% (8.6449%)
Oct +100k +80k —— 101.7 9.0% (9.0124%)
Sep +210k +158k —— 101.3 9.1% (9.0847%)