First, the good news. As the WSJ reported today, there was evidence retail sales had a large rebound in November from a year ago. 27 stores tracked by Thomson Reuters reported November sales up 6 percent from the same month a year ago. Initial reports on “Black Friday” store sales were positive — but largely anecdotal. In the retail world, a 6 percent jump is a lot for one month.
Now the bad news: Unemployment numbers are out and jobless rate rose to 9.8 percent. Market watchers were expecting the Labor Department to announce job creation in the 140,000 to 150,000 range. Instead new job growth was anemic, at best at 39,000.