US DATA: Dec employ report still shows weakness as payrolls +103k and
Nov-Oct rev is +70k. Unemploy rate -0.4pt to 9.4% (low since May’09) but
uses updated seas adjs that raises caution. More than offsets Nov jump
and might be early sign of improved labor mkt, tho labor force fell as
did unemployed adult men (discouraged?). Dec pvt payrolls +113k, a
modest gain. Hours and wages gained (pvt AHE +2c for +1.9% YOY),
suggests growth in IP & incomes. Payrolls: mfg +10k, construction -16k,
retail +12k, finance +4k, govt -10k; strength was in restaurants +24.5k,
amusements +16.1k, healthcare +35.7k. Econ is growing, tho not fast.
Details: Payrolls/Prior AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Dec +103k —- +1.9% 100.3 9.4% (9.4248%)
Nov +71k +39k +2.1% 99.9 9.8% (9.7701%)
Oct +210k +172k +2.1% 100.1 9.7% (9.6622%)
