Hot Day on Jobs Front

Updated from 8:45 a.m. EST

More jobs were created last month than economists expected, and revisions to September and October resulted in 42,000 more new positions than had been previously reported.

The Labor Department said Friday that nonfarm employers gained 132,000 workers in November, well above consensus estimates that around 100,000 to 105,000 jobs would be formed.

Even so, the unemployment rate, as expected, ticked up to 4.5% from 4.4% the prior month. Average hourly earnings rose 0.2% last month, a bit less than anticipated. Over the year, hourly earnings have increased by 4.1%.

Stock futures were higher after the news, indicating a stronger open for blue chips and technology shares in New York. At the same time, bonds sold off. The 10-year Treasury was losing nearly 8/32 in price to yield 4.51%, and the 30-year bond dropped 12/32, lifting the yield to 4.63%.

Job gains continued in several service-providing industries, including professional and business services, food services and health care, the government said. Employment declined in the construction and manufacturing arena.

Specifically, the services sector added 172,000 workers. Meanwhile, 29,000 construction jobs were lost, and manufacturing payrolls were trimmed by 15,000. For September, 55,000 more jobs were created than last reported, but October's payrolls were revised down by 13,000.

Thus far this year, employment has grown by an average of 149,000 jobs each month.

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