NEW YORK (TheStreet) -- U.S. employment data for November was wholly disappointing -- job creation came in much less than expected, the unemployment rate jumped, and hourly earnings and the workweek were flat.
The back-month revisions pale in comparison to the disappointment. The market expected a 150,000 increase in jobs and got 39,000. The private sector was to add 160,000 but only added 50,000. Manufacturing was expected to add jobs, but it shed them again, this time by 13,000.
The unemployment rate jumped up to 9.8% from 9.6%.
There is really very little good in this report. It breaks the streak of stronger-than-expected U.S. data and is very disappointing.
In terms of dollar implications, it is negative. Couple that with the European Central Bank's efforts to stabilize the sovereign bond market in Europe (the so-called transmission mechanism), and the euro is likely to continue to recover from the month-long slide in November.
The decline in U.S. rates will also weigh on the greenback, not just against the euro but against the yen as well.
