Payrolls +230k, a ‘disappointment’

November Payrolls +230,000 vs. 573,000 estimate

Of course, it’s all about the Fed, eh? With a side order of Omicron. Click the graphic below, get the report from BLS that is a ‘disappointment’ vs. estimates.

In a policy-driven market bad news is good news, down is up and it’s all normal in the rabbit hole.

Here is the industry breakdown with an interesting views of firm manufacturing and transportation. That does not sound very negative to me. It sounds like the supply bottlenecks are being addressed. The other interesting point is the fade in government hiring. With a democrat regime in there you might not think that to be the case, but maybe there are some seasonal or otherwise interim details in play.

november payrolls

All in all, the market reaction appears to be ‘meh…’

Precious metals are hanging around, copper is negative and stocks are trying to pump the weak Fed narrative after a pretty darn decent correction to this point.

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