"The improving job market finally delivered a sharp jump in average hourly earnings for ordinary workers that was double the anticipated 0.2 percent increase. 'In one line: spectacular and, more to the point, believable,' said Ian Shepherdson, chief economist at Pantheon Macroeconomics. 'We've had strong hiring indicators in a number of surveys, and lower jobless claims, so sooner or later, we were going to get a blockbuster number."
"In economics most things cut both ways, however, and Friday's report was no exception. The steadily improving labor market makes it more likely the Federal Reserve will start raising short-term interest rates sooner rather than later, which could lead to some turmoil in financial markets in the months ahead."
"Some experts now argue that the Fed may move to raise its key interest rate lever as early as March next year, but most are still sticking with midyear."
"The November data alone isn't enough to shift the Fed's thinking, said Guy Berger, United States economist at RBS. 'In all likelihood, we will see faster wage growth over the next six months, but as far as the Fed is concerned, one month alone could be noise,' he said. 'Our view now is that the first rate hike will come in June.'"
"Although the prospect of higher interest rates tends to make investors more cautious, both stocks and bonds rose modestly on Friday, with traders figuring a better job market and better-paid consumers outweighed whatever cooling effect higher borrowing rates could have."
"Although government number crunchers try to adjust for seasonal swings like hiring by stores ahead of the holiday, retailing still showed unusual strength, adding 50,000 workers in November. That was more than twice the average monthly gain of 22,000 retail workers over the last year."