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Jobs growth solid enough for Fed to taper, but not now

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Parsing November jobs report

The 203,000 jobs added in November confirmed that the employment picture is improving, but probably not enough to push the Fed to remove stimulus before next year.

Stock futures immediately shot higher, and bond yields on the long end continued to firm. The 10-year yield rose as high as 2.9 percent. The Dow notched triple-digit gains. The unemployment rate also fell to 7 percent from 7.3 percent.

Key to the market was that the number did not increase the chances the Fed would start to taper back its bond buying in December, as feared.

"It's as good a jobs report as one could expect—strong gains in employment, sharp decline in unemployment, increase in hours worked. It was unambiguously strong," said Mark Zandi, chief economist at Moody's Analytics.