The BLS has reported the employment report for November (LINK). The markets are taking this bullishly, as the jobs gains were modestly above consensus. There are flies in that ointment; the report looks mostly like a “nothingburger”.
Once again, the 25-54 age groups, and sub-groups within that age range, showed no job growth year on year and are reported to have lost jobs month on month. So once again all the jobs gains are coming from the older age ranges (and a small amount from the sub-25 year old range), who in a challenged labor situation “should” be retiring so that families can form and support themselves with full-time jobs. But older employees are attractive to employers for several reasons, so it is what it is.
Another fly is that the prior two months had negative adjustments totaling 49,000 jobs. Also, the consensus expectation of only around 85,000 jobs to be gained incorporated the expectation of jobs losses due to Hurricane Sandy. However, the BLS stated that under their definition of unemployment, they could find no jobs losses attributable to Sandy.
Finally, the employment:population ratio is meandering per this report and multiple recent jobs reports and is not rising, and wage gains are low.
The prices of both gold and Treasury bonds dipped on the news release, and stocks rose. This looks like a knee-jerk reaction. There is nothing in this report that changes much. Buyers of gold and bonds simply have a slightly better price now, as do sellers of stocks.