BMO analyst Ian Lyngen said "the......>

US DATA REACT: BMO analyst Ian Lyngen said "the big surprise in this morning's

employment report was the disappointing wage figures. Average Hourly Earnings

came in at +0.2% MoM Nov vs. +0.3% expected and -0.1% Oct (revised down from

0.0%). YoY AHE also disappointed at 2.5% vs. 2.3% Oct and 2.7% anticipated."

- Lyngen added that the "headline NFP increased more-than-expected at 228k vs.

244k Oct and 195k consensus. Net revisions were +3k and well within the zone of

expectations. The Unemployment Rate was unchanged at 4.1% as anticipated and the

Labor Force Participation Rate held steady at 62.7%: no major surprise. While

this doesn't have any impact for expectations for the Fed next week, it also

offers no evidence that there is a kink in the Phillips curve,  no change to our

2018 bias for a flatter curve."