Payrolls weak, recovery remains bumpy

December 3, 2010 9:04am by

Nov payrolls rose just 39k, well below the consensus of a gain of 150k and the private sector added just 50k. The upward revision to the prior 2 mo’s was 38k. The private sector added 50k vs the estimate of 160k. The unemployment rate rose .2% to 9.8% as the household survey said 173k jobs were lost just as 103k were added to the labor force. The all in rate is 17%. Manufacturing shed 13k jobs vs an expected add of 5k and construction lost 5k. The service sector added 65k, the lowest since June as gains in temp help, education/health and leisure barely offset a fall in retail and financial. Also disappointing was no gain in avg hourly earnings. The avg duration of unemployment fell a touch and the avg workweek was unchanged. Net-net, the markets have gotten very excited over the past few weeks on the improving data and today was a bit of a slap to those hopes. With this said, the economy continues to recover but the path will remain very bumpy.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/

twitter

facebook