November Payrolls @ +178,000

The number is a little below estimates, but still fine.  Of course, NFP is the laggard of laggards and we’ve got a leader of leaders, the cyclical SEMI data, presenting a different story with a 3 month downtrend in bookings.  <insert here> the disclaimer (lest you think ‘perma bear’) that to the chagrin of some, I was more than willing to get bullish the Semis and remain firm on the economy last spring based on an uptrend in this same data.


So woo hoo!  Jobs are solid.  It does not mean much of anything; unless you are the Mainstream Media, in which case you make your living by amplifying noise that investors really do not need.

Employment Situation Summary from BLS

Unemployment is as good as it gets, compliments of the previous political regime.

bls unemployment

As for my favorite view, we note that the economy continues to service itself.  Professional and Business services, Education services, Health services and Leisure and Hospitality services.  The heretofore strong US dollar will do nothing to dissuade this trend, on a relative basis to other industries.

bls employment by industry

So there you have it.  November Non-Farm Payrolls is in the books and it is a non-event.  Woo hoo!

Subscribe to NFTRH Premium for your 30-45 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at and Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits or RSS.