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**MNI: 5 Things We Learned From The November Employment Data>

By Sara Haire, Kevin Kastner and Holly Stokes
     WASHINGTON (MNI) - The following are the key points from the 
November employment report released by the Bureau of Labor Statistics 
     - Nonfarm payrolls rose by 228,000 in November and were up 221,000 
for private jobs alone, both ahead of expectations. An MNI analysis had 
shown a tendency of analysts to underestimate payrolls in November.
     - Payrolls in September and October were revised up by a net 3,000, 
reflecting an upward revision to September and downward revision to 
October. The largest gains were in health care, manufacturing, and 
construction, while retail and food services both added small gains. 
     - The unemployment rate held steady at 4.1%, but rose modestly 
to 4.118% unrounded vs 4.065% in October, as household unemployed rose 
slightly faster than employed. The participation rate held steady at 
     - Average hourly earnings were up 0.2% in November after a 0.1% 
decline in October, softer than the 0.3% gain expected. The 
year-over-year rate rose to 2.5% from 2.3% in the previous month. 
     - Overall, the data suggest payrolls strength and a low 
unemployment rate now that the hurricane-led volatility of the previous 
two months has passed. The report today should not have an impact on the 
FOMC decision next week, but will be a topic of discussion for policy 
going forward. 
     ** MNI Washington Bureau: 202-371-2121 ** 

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