Nonfarm Payrolls Edge Lower
Nonfarm Payrolls for November came out at -11.000 vs. -100.000 consensus and – 190.000 in September. A clear improvement and a positive surprise for the markets.
Chart 1. Non-farm Payrolls Monthly and Yearly Change
Source: Econoday
The unemployment edged lower to 10.0% from 10.2% in December. Consensus was at 10.2%.
Chart 2. Civilian Unemployment Rate
Source: Econoday
The equity and U.S. dollar moved higher on the news; gold and treasuries lower.
Portfolio update: sold off gold position yesterday; 100% in cash now.
