Economic Report: ‘That’s a lot of jobs!’ economists exclaim after strong payrolls report

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Economists called November’s payrolls report a “blowout,” citing the higher-than-expected 266,000 jobs created in the month and said it should silence near-term recession “Grinches.”

The Dow Jones Industrial Average futures YMZ19, +0.98%   jumped on the report, which also showed the unemployment rate falling to match a 50-year low of 3.5%.

Read more about the report from MarketWatch.

• “The labor market continues to barrel forward despite the limited pool of available labor,” said Thomas Simons of Jefferies LLC, who labeled the report a blowout and also noted: “To the extent that one can find something negative in this report, [average hourly earnings] was up only 0.2% on the month.”

• “This was a strong report almost all the way through the numbers which will support the US$ DXY, +0.28%   today and see bond yields TMUBMUSD10Y, +1.82%   rise,” said Andrew Grantham of CIBC Economics.

• “This upbeat November employment report should suffice to silence near term recession Grinches!!!” — Brian Bethune, Tufts University.

Also read: ‘Fiscal dysfunction’ may lead to 10% pullbacks next year — and also some good opportunities, fund manager says.