Michael McKee

able to get another job, or at least they did in November.

Annual pay up 4.4%.

The change in private employment, of course, is 41,000.

They don't measure what's happening with government.

In the goods producing area, down 3,000.

Manufacturing off by 5,000.

Construction and mining add 1,000 each.

Service providing jobs, 44,000.

And of course, education and health services leads that pack, 39,000.

But 24,000 leisure and hospitality jobs, we had seen a pullback in that area.

in recent months.

Michael McKee, stay close as we parse through this.

Right now, what you see in markets is a collective cheer.

Perhaps this was supposed to be a hawkish cut.

The market is taking it slightly differently.

S&P had been lower.

Now it is positive by almost two tenths of a percent.

Euro dollar, euro climbing, dollar falling on the heels of what does seem to be like more Fed cuts.

And across the board, twos, tens and thirties, you are seeing a bid into bonds.

with this feeling that this is a Fed that not only is going to support rates with further rate cuts, but also with additional bond purchases.