Jobs on Jobs on Jobs

The headlines about this morning’s November Non Farm Payrolls report from the BLS are rolling in and they’re almost universally great. The data from any one month is not terribly important and, as we often discuss here, these numbers are prone to several future revisions.

Here’s what we learned today:

* US employers hired 321,000 people last month.

* This was the strongest month of hiring since January 2012 – almost two years ago.

* We’re on track for the best year of job creation in 15 years.

* Combined revisions for September and October add another 44,000 jobs to the three month total.

* Every sector saw growth save for coal mining and other ditch-digging activities that are now on the margin of the modern economy.

* The headline Unemployment Rate remains firm at 5.8% – the best level since the middle of 2008, pre-Lehman.

* Average hourly wages – the number that everyone’s been obsessing about this year – grew by a solid .4%. This means we may be about to see true income growth for the masses, leveling out the epic recovery inequality of recent years.

Lastly, of all the reactions to the report, the move in two-year treasury yields is probably the most noteworthy, given its implications for how much money the banks and brokerages may stand to make should yields find a new level and money markets cease being a not-for-profit line of business:

I HAVE A MESSAGE FOR PRESIDENT SNOW: pic.twitter.com/DxE4MdSxa6

— Downtown Josh Brown (@ReformedBroker) December 5, 2014

The pessimists who’ve been screaming about deflation will now change their tune to “The Fed is Behind the Curve!” and commence screaming about inflation.

Carry on.