Payrolls Surprise

U.S. Payrolls Rose 166,000 in October; Rate at 4.7% (Update3): “American employers added almost twice as many jobs as forecast in October, helping steer the economy clear of recession even as the housing slump deepens.

Payrolls climbed by 166,000 after a 96,000 increase in September, the Labor Department said today in Washington. The jobless rate held at 4.7 percent.”

Expect a bounce on this news this morning. Whether or not the bounce sticks is another matter entirely. Traders will eventually realize that these numbers strengthen Bernanke’s resolve not to cut rates again in December…

No time for a lengthy post today.