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Large Downside Payrolls Miss, But Unemp Rate Falls Sharply Too

DATA REACT

Significant (340k) miss on Nov headline payroll gains, with only +82k 2 month upward revision to compensate.

  • Average hourly earnings also on the weak side (0.3% M/M vs 0.4% exp, with downward revision to prior).
  • Unemp rate dropped much further than expected to 4.2% vs 4.5%, though participation nudged higher than expected (61.8% vs 61.7% exp).
  • Underemployment dropped sharply to 7.8% from 8.3% as well.

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