Nonfarm payrolls +228k in Nov, private jobs.>

US DATA: Nonfarm payrolls +228k in Nov, private jobs +221k, both above 

expectations and following +3k net revision to Sept-Oct jobs. 

- Unemp rate unch at 4.1% (unrounded 4.118% vs 4.065% in Oct), with 

participation unch 62.7%. Household employed and unemployed both up. 

U-6 unemployment rate +0.1% to 8.0%. 

- Average hourly earnings +0.2% vs -0.1% in Oct for y/y rate of 

+2.5%. 

- Within payrolls, there were solid gains for manufacturing, health 

care, construction and retail sales that drove the overall increase

- Overall, the data suggest payrolls are back to a strong trend 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.