Independent Strategy

USUS November Payrolls Report

November Non-farm payrolls number came in at +245k (mkt +469k), bringing the 3m average down to +5227k.  Private sector payrolls were a little better again at +344k but there is a sequential slowdown happening there too.  Manufacturing payrolls grew by 27k while we saw another month of government job losses, -99k, the third consecutive drop.  Revisions overall were down a bit, Oct NFP revised down to 610k vs. the 638k initially reported.

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