Dec 7 - Reuters Economics Editor William Schomberg reacts to the better-than-expected U.S. November jobs report.
What was surprising and it's over pool was the jobs growth number who was such a much stronger than people had been expecting the number ten minute 146000. The consensus -- possibly for something much -- like about 90000. The the Bureau of Labor Statistics said that there was no real impact from the settlement economists have really been expecting to see. That the the impact of the storm present in the numbers so that really was quite a surprise. That was also quite a significant drop in the unemployment right that fell to seven point 7% or something with the lowest level about four years. But if you -- a little bit below the surface of those figures you'll see that that's laws to treat people leaving the labor market giving up on the people work that's not particularly. Positive sign however those numbers happen very volatile over the last few months missiles and very big gains in the previous two months so you have to take that with a slot and assault. Think -- overruled read these numbers is that the -- market is perhaps stronger than site based on the people have been expecting in November. But it's largely in line with the trend that we've seen over the last few months to fatten them book -- scored -- about the average that we've seen in the loss cities. So as some positive surprises in the short term but overruled it doesn't really change picture. Of the US labor market is still struggling to get back up -- the kind of levels that would. Bring unemployment down. Consistently over the long time. There won't be any major implications for the Federal Reserve which meets next weekend's expected to provide a little bit more stimulus for the US economy with the expiration of the -- quote. Operations -- the at the end of this is that expects to buy more treasury -- going in 2000 that thing. And really the -- the big issue for most economists now is to have to wait for signs of what happens with the rally in Washington of the fiscal cliff. Because that does have the potential to provide quite a significant drag on the US economy means -- 2000.