Sticking with the Under Yet Again on NFP

By now, you know the drill: 

The Consensus for Non Farm Payrolls data for November is 225,000, with a range from 180,000  to  275,000.

We have yet to see the full impact from Katrina in the data, with BLS noting that *"its hard work" tracking down all the missing people for their econometric model. 

This NFP may even show the new hires from New Orleans who were relocated and employed elsewhere. If any recent month has the potential to surprise to the upside, its November.

No Matter, I am sticking with the Under — if for no other reason than history; Those of you who have been paying attention to the recent holiday sales data may also conclude that these aren’t the numbers associated with strong hiring and a robust economy. 

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* Yes, that’s sarcasm.

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