By Robert Schroeder, MarketWatch
Economists called November’s payrolls report a “blowout,” citing the higher-than-expected 266,000 jobs created in the month and said it should silence near-term recession “Grinches.”
The Dow Jones Industrial Average futures jumped on the report, which also showed the unemployment rate falling to match a 50-year low of 3.5%.
• “The labor market continues to barrel forward despite the limited pool of available labor,” said Thomas Simons of Jefferies LLC, who labeled the report a blowout and also noted: “To the extent that one can find something negative in this report, [average hourly earnings] was up only 0.2% on the month.”
• “This was a strong report almost all the way through the numbers which will support the US$ /zigman2/quotes/210598269/delayed DXY +0.53% today and see bond yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.94% rise,” said Andrew Grantham of CIBC Economics.
• “This upbeat November employment report should suffice to silence near term recession Grinches!!!” — Brian Bethune, Tufts University.