The November payroll gain was revised to show an increase of 115,000 from a previously reported 94,000 increase. That is an upward revision of 21,000. Hourly earnings rose 0.4%. This follows a gain of 0.4% in November and 0.1% in October and pushed the year-over-year increase to 3.7% from 3.6%. The recent gains in earnings, along with the increase in payrolls, keeps consumer spending power rising at a bit over a 4% annual rate (not inflation adjusted). The breakdown of the employment data is not surprising. Construction and manufacturing employment fell while services and government employment rose, continuing both short-term and long-term trends. The data are disappointing compared to expectations, and they will undoubtedly provide more fuel for bearish headlines and talk of recession, but payrolls still aren't receding and certainly are not declining at the 150,000 to 200,000 pace seen as recessions develop. I think its bad no matter how you slice it.