• Non Farm Payrolls (Oct)
  • -105 vs -- f'cast, 119K prev
• Non Farm Payrolls (Nov)
  • 64K vs 50K f'cast, -- prev
• Participation Rate (Nov)
  • 62.5% vs -- f'cast, 62.4% prev
• Retail Sales (Oct)
  • 0.0% vs 0.1% f'cast, 0.2% prev
• Retail Sales Control Group MoM (Oct)
  • 0.8% vs 0.4% f'cast, -0.1% prev
• Unemployment rate mm (Nov)
  • 4.6% vs 4.4% f'cast, 4.4% prev

While the November job count may have been higher, the focus is on the uptick in the unemployment rate.  4.6% is a new cycle high and it validates the Fed's concern over a weaker labor market.

10yr yields are down a quick 2.7bps at 4.149 and MBS are up 6 ticks (.19).

To some extent the uptick in the participation rate lessens the severity of the unemployment uptick (i.e. it's more like a 0.1% miss instead of 0.2%).