US Non-farm payroll for November 266K vs 180K estimate

  
  Analysis

US nonfarm payroll for November 2019

US nonfarm payroll surges by 266K
  • Change nonfarm payroll 266K versus 180 K estimate
  • 2 month payroll net revision +41K
  • Change in private payroll 254K versus 178K estimate
  • Manufacturing payroll 54K versus 40K estimate
  • Unemployment rate 3.5% versus 3.6% estimate
  • Average hourly earnings MoM 0.2% versus 0.3% estimate
  • Average hourly earnings YoY 3.1% versus 3.0% estimate
  • Average weekly hours 34.4 versus 34.4 estimate
  • Llabor force participation rate 63.2% versus 63.3% last
  • Underemployment rate 6.9% versus 7% last
The data blows away the estimates.  The dollar has moved sharply higher with the dollar yen extending above its 100 hour moving average at 108.82 from a prerelease level  108.54
In other markets,
  • spot gold is trading down $8.40 or -0.56% at $1467.70
  • WTI crude oil futures are not impressed. They still trade OPEC with a move down by $0.59 or -1% at $57.84
in the US stock market the major indices have moved higher:
  • Dow, +138 points
  • S&P index up 15 points
  • NASDAQ index up 46 point
US yields have moved higher with the 10 year up 3.3 basis points. The 2 year is up the most. It has risen by 4 basis points as the Fed is most definitely on hold.
US yields are rising after the stronger US employment report
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