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Friday, January 6, 2012

Wells Fargo's Weekly Economic & Financial Commentary- January 6, 2012

- Total nonfarm payrolls increased by 200,000 in December and the unemployment rate fell to a new cycle low of 8.5 percent.

. Gains for the month were broad-based with just the government and temporary job sectors posting declines, but the surge in courier hiring was more reflective of an increase in online holiday shopping than a pickup in business deliveries.

i In December, the number of couriers and messengers employed rose by 42,000 to nearly 568,000.

- The headline ISM index rose to 53.9 in December from 52.7 in November, as the nonmanufacturing component came in at 52.6, up from 52.0 last month.

. The employment component of the ISM nonmanufacturing report remained below 50, suggesting that businesses are reluctant to add to payrolls.

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