This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s.

Payrolls: December Will Be Cruel

Economic Update

Regions Financial

Dec. 4: Total nonfarm employment rose by 245,000 in November, with private-sector payrolls up by 344,000 jobs and public-sector payrolls down by 99,000 jobs. Prior estimates of job growth in September and October were revised up by a net 11,000 jobs for the two-month period. The unemployment rate fell to 6.7%, but this reflects a decline in labor-force participation as household employment fell slightly. The broader U6 measure, which also accounts for underemployment, fell to 12% from 12.1% in October. The number of long-term unemployed rose to 3.941 million people in November, the highest

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