FX Times: US Non-farm Payroll Report Surprises Forecasts, Only 11K Jobs Lost in Nov.

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Fundamental Updates \ Nick Nasad \ 8:47 AM EST \ December 4th, 2009

Non-farm payrolls dropped by a seasonally adjusted 11K in November, the fewest since December 2007. The figure was much better than expected, and for the months of September and October the number of job losses was revised lower by a total of 159K. Service producing industries added 58K, the second straight month of increases, while goods-producing services lost 69K jobs (27K in construction and 41K in manufacturing). Temp hiring was up (+54K), and a larger percentage of industries were hiring. The unemployment rate meanwhile fell down to 10%. If you include discouraged workers and those forced to work part-time, the rate fell to 17.2% from 17.5%, though despite the decline remains at a very elevated level.

The reaction in the markets was swift as the Yen fell weaker to greenback and others, while the Dollar in the immediate aftermath of the release rose against the Euro. The reason for the move higher in the greenback is if the employment situation is improving than the Fed will have to begin considering easing its loose monetary policy and even begin thinking about raising interest rates.

Provided by: Bureau of Labor Statistics