One other oddity about the recent report was that it reported no material impact from Hurricane Sandy. Given the number of businesses that have been closed by the storm's damage, this may seem difficult to believe. However, the muted impact might be explained by the fact that people who miss some time, but not the entire pay period, due to workplace disruptions are still considered employed. It will be interesting to view the regional and state employment figures, due to be released December 21, for more insights on how the storm may have impacted employment.

For now, November's employment numbers may not look bad on the surface, but they suggest a loss of the momentum the economy had appeared to be gathering. This suddenly makes the economic outlook for 2013 a little less encouraging.

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