The jobs report crushed expectations on Friday.
According to the latest report from the Bureau of Labour Statistics, nonfarm payrolls grew by 321,000 in November, crushing expectations for 230,000.
And Wall Street’s celebrating. Here are some select quotes from the notes we’ve seen.
- “The economy added a whopping 321,000 jobs in November, far above market expectations for 230k and the largest gain since January 2012,” exclaimed BNP Paribas’ Paul Mortimer-Lee and Laura Rosner.
- “Oh my God,” said Bank of Tokyo-Mitsubishi’s Chris Rupkey. “The economy is literally blasting off…”
- “And bearing in mind the consistent tendency for hefty upward revisions to Nov data in recent years, the startling Nov print in due course likely will be even stronger,” said Pantheon Macroeconomics’ Ian Shepherdson.
- “This blowout 321,000 rise in November payroll jobs along with a solid rise in hourly wages and total hours worked underscores the continued improvement in the labour markets,” wrote Stuart Hoffman and Gus Faucher at PNC Financial Serivces.
- “Charlie Brown finally kicks the football,” said Brean Capital’s Peter Tchir. “For the past few months, Lucy has pulled the ball on those hoping for a blowout report.”
- “The November employment report was very strong, entirely due to the establishment (payroll) survey,” writes Goldman Sachs’ Jan Hatzius.
- “The massive 321,000 gain in non-farm payrolls in November, together with the 44,000 upward revision to the two preceding months, bolsters our view that the Fed will begin to hike interest rates as soon as March next year,” writes Paul Ashworth, the Chief US Economist at Capital Economics.
- “You want jobs? We got jobs!” wrote Societe Generale’s Brian Jones.