November Payrolls Miss Expectations Badly

The November nonfarm payrolls rose 39,000 in the month of November, well short of estimates and futures are tumbling as a result. Expectations were for a rise of 150,000 jobs in the month of November, with a jobless rate of 9.6%. The jobless rate came in at 9.8%. Private payrolls came in at 50,000, well off the 140,000 jobs economists were expecting. Futures are tumbling on the miss. Dow futures are off 52 points, NASDAQ futures are lower by 11 points, and S&P futures are off 6 points.