Stocks and Bond Yields Up on Unexpectedly Bright Employment Data
The monthly labor market report surprised to the upside as a whopping +266k new jobs were added to company payrolls in November, handily beating the +180k median forecast. This significant job growth is in direct contrast to Wednesday’s ADP employment report that flashed the third smallest payroll addition in 10½ years. The return of striking GM workers added +41k to the tally, but that was already built into forecasts. The bottom line this morning is an undeniably solid report from the Bureau of Labor Statistics.