Jobs Number of 321,000 Handily Exceeds Expectations

S&P 500 futures initially rallied, then sold off following the monthly jobs report, which showed the economy adding 321,000 jobs in November, handily beating expectations of 230,000. The unemployment rate remained at 5.8 percent. The 321,000 gain was the biggest since January 2012. Average hourly earnings rose 0.4 percent, the largest increase since June 2013. This marks the 10th straight month of 200,000+ job growth, the longest stretch since 1995. The strong numbers may lead the Fed to raise rates sooner than later to reign in inflation.