Wow - Quite a Disappointment: November Figures: +39K Jobs, Unemployment Rate 9.8%

Very disappointing considering the other economic data of late - especially compared to ADP.  I assume it will be revised up in the future.  A big drop in retail employment (-28K) which one assumed would have surged due to holiday hiring. Might be a seasonal adjustment issue.

Private jobs +50K
Public jobs -11K

Average weekly hours fell to boot.

Average hourly earnings were $22.75 in November from $22.74 

Unemployment rate up to 9.8% from 9.6% the past 3 months, which could be more people looking for work as their 99 weeks expire.  Labor force participation rate has been incredibly low - so as this jumps back up, the unemployment rate will rise.

EDIT: The rate did not increase due to labor force participation increasing.  That figure is stuck at 64.5% again in the report.  That's bad; it means the unemployment rate rose for reasons that had nothing to do with more people coming back into the workforce seeking new work.

U6 (broad unemployment) = 17% flat from last month.

Report here.

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Overall the bifurcated economy continues on.  Stock market can rally on this because really, who needs employed Americans - they only weigh on corporate profits.  Asians are employed and we'll sell stuff to them.  Buy the dip; the Santa Rally lives.