U.S. Unemployment drops to 8.6%

The infamous U.S. jobs report does not stop with the surprises, despite missing expectations for jobs growth in November the unemployment rate unexpected dropped to 8.6%.

The nonfarm payrolls showed that 120 thousand jobs were added in November slightly shy of 125 thousand after an upside revision to October's hiring to 100 thousand from 80,000.

The unemployment unexpectedly dropped to 8.6% from 9.0% the lowest since March 2009.

Private payrolls increased by 140 thousand following a revised 117 thousand from 104 thousand and below the expected 140 thousand. Manufacturing payrolls rose 2 thousand from 6 thousand that was revised from 5 thousand and expected 9.0 thousand.

The average hourly earnings on the month dropped by 0.1% from a revised 0.3% from 0.2% and on the year eased to 1.8% from a revised 1.9% from 1.8% and below expected 2.0%.