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