The Bureau of Labor Statistics reported an increase in non-farm payroll employment by 146,000 and a decrease in the unemployment report to 7.7%, surpassing consensus expectations of 80,000 jobs and an uptick in the unemployment rate.
“With all the uncertainty about the impact of Hurricane Sandy, this was a decent report,” notes Bill McBride, “Especially with the decline in the unemployment rate. However, negatives include the downward revisions to prior months, and the decline in the participation rate.”