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The Bureau of Labor Statistics (BLS) reported this morning that the U.S. economy generated 227,000 new jobs in November, slightly above the consensus of 200,000. Our forecast was 210,000. The report confirmed our expectation for a rebound from October's damaging hurricanes and strike developments. With the print relatively close to consensus, expectations rose for a rate cut this month. October's payrolls were revised higher by 24,000 to 36,000. September was revised up by 32,000 to 255,000. Overall revisions to past results took the three-month average up to 173,000 from 123,000 a month earlier. The 12-month average was 186,000 after this morning's release. The November unemployment rate ticked up to 4.2%, in line with our estimate and consensus. Average hourly earnings increased 13 cents month to month and are 4.0% higher year over year (compared to 4.0% in October). This is good news for consumers, but it may be a little higher than the Fed wants. The average workweek edged up by 0.1 hours to 34.4 hours, which matched our estimate. Employment increased in transportation equipment manufacturing, reflecting the return of workers who were on strike. Employment also increased in healthcare, leisure and hospitality, government, and social assistance. Employment showed little or no change in mining, quarrying, and oil and gas extraction; construction; wholesale trade; transportation and warehousing; information; financial activities; professional and business services; and other services. Retail trade lost jobs. After the report, stock futures rose slightly and the yield on the 10-year Treasury moved a bit lower. Futures contracts suggested an 89% probability that the Fed will reduce the funds target by 25 basis points on December 18, compared with a 72% probability before the report. The probability that the funds target will remain unchanged at 4.25%-4.75% after the December meeting dropped to 11%, from 28% before the release.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

Formed by a combination of JCPenney’s credit card processing unit and The Limited’s credit card bank business, Bread Financial is a provider of private label and co-branded credit cards, loyalty programs, and marketing services. The company’s most financially significant unit is its credit card business that partners with retailers to jointly market Bread’s credit cards to their customers. The company also retains minority interest in its recently spun-off LoyaltyOne division, which operates the largest airline miles loyalty program in Canada and offers marketing services to grocery chains in Europe and Asia.

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, US P&C banking, wealth management, and capital markets. The bank's operations are primarily in Canada, with a material portion also in the U.S.