November Employment Report Showed US Economy Added 199k Jobs Which Easily Exceeded Economist Expectations

U.S. stock futures are lower. The November employment report showed that the U.S. economy added 199k jobs which was easily higher than economist expectations of an increase of 185k and the October figure of 150k. The unemployment rate decreased unexpectedly to 3.7% vs. 3.9% in the prior month. Average hourly earnings were in line year-over-year but above expectations on a month-over-month basis. The market reaction to the report is mixed, bond yields surged and equities futures are modestly lower. Expectations for the Fed decision next Wednesday are steady, but the markets are pricing out how the stronger-than-expected headline jobs number will affect the rate path moving forward. In international markets, Asian markets closed on a mixed note ahead of the U.S. employment report and European markets are mostly higher. Crude oil is getting a boost and gold is dropping meanwhile the U.S. Dollar is strengthening.

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