The government reported the addition of 74,000 nonfarm payrolls last month, with the unemployment rate falling to 6.7 percent. The jobs report was expected to show that around 200,000 new jobs were created last month.
"The economy, based on any number of other indicators, has been picking up steam of late which makes today's number….curious. We aren't sure how the Fed should react to this number but we think another reduction at the January FOMC (Federal Open Market Committee) meeting is probably unlikely. Investors though have already cast their vote; bad news is bad news," emailed Dan Greenhaus, chief global strategist at BTIG.