OVERNIGHT MONEY: Focus turns to jobs

By Vicki Needham - 12/06/12 07:30 PM ET

FRIDAY'S BIG STORY:

Let's get back to jobs: So, with all this talks about cliffs and going over them, it's time to bring the talk about the labor market back into the mix for the first since right before the presidential election.

Economists are expecting a gain of about 100,000 jobs in November, another toll of Hurricane Sandy's wrath.

It is possible that employers hired more people, but Sandy did a number on, well, the jobs number, expected to go down by about 50,000 or possibly even 100,000 from what might have been expected.

The unemployment rate is likely to hang in around 7.9 percent, unchanged from last month.

But even Mark Zandi said the uncertainty around the "fiscal cliff" wasn't really causing employers to pull back on hiring, especially with consumers showing some confidence heading into the holidays.

The economy added 171,000 jobs in October, possibly helping to push President Obama to a second term.

A report on Wednesday showed that the private sector managed to create 118,000 jobs last month despite the effects of Sandy, uncertainty around the presidential election and unresolved spending and tax issues.

Despite all of the hurdles, "businesses appear to be holding firm on their hiring and firing decisions," Zandi said.

So we'll see what tomorrow brings and how policymakers opt to tackle the larger issues weighing on faster economic growth.

ECONOMIC INDICATORS

Michigan Sentiment: Thomson Reuters/University of Michigan will release its final measure of consumer sentiment for December.

Consumer Credit: The Federal Reserve releases its October measure of consumer debt.

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— Shelby plans move to Appropriations
— Investors expect huge drop in stocks if ‘cliff’ deal isn’t reached
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— Claims for jobless benefits drop by 25,000
— Obama-friendly business group given great access to the White House