NFP up +120,000, unemployment rate 8.6%, hourly earnings down

Bottom line: the numbers are decent but they beat expectations. Markets are in a bullish end of year tape painting frame of mind, so stocks will rally. Daddy needs a bonus so Santa is indeed coming to town. The Santa Claus rally is on.

With prior revisions of +72,000, this number is effectively a +192,000 non-farm payroll number. The video below gives you a bit more flavor but the headline numbers are bullish and markets are rallying on the back of them. Underneath, what we see is a lower labor participation rate, which is bad. And, remember a +200K number is not off the wall bullish, it is just treading water.

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Bottom line: the numbers are decent but they beat expectations. Markets are in a bullish end of year tape painting frame of mind, so stocks will rally. Daddy needs a bonus so Santa is indeed coming to town. The Santa Claus rally is on. If the Europeans get it together, expect even more bullishness.

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1 Comment
  1. Anonymous says

    While unemployment is down the participation rate and wage rates are down which are more important long term. I would still be concerned about the U6 figure. 

  2. Anonymous says

    While unemployment is down the participation rate and wage rates are down which are more important long term. I would still be concerned about the U6 figure. 

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