* U.S. November nonfarm payrolls surprise with 146,000 rise
* Dollar gains against euro and yen
* U.S. stock index futures point to higher open on Wall
By Richard Hubbard
LONDON, Dec 7 U.S. stock futures turned higher
while the dollar and oil prices jumped on Friday after a
surprisingly strong American jobs report for November pointed to
gathering momentum in the economy, reducing the need for more
U.S. non-farm employment increased by 146,000 jobs last
month, and the unemployment rate dipped to 7.7 percent, the
Labor Department said.
U.S. stock index futures recovered from earlier losses after
the data to point to a stronger start on Wall Street, while
the benchmark Treasury 10-year note yield spiked to
1.64 percent, up from 1.58 percent before the numbers.
U.S. crude oil futures jumped 34 cents to $86.60 a
barrel, and Brent crude extended its gains to be up 50
cents at $107.52.
Analysts had expected about 93,000 extra jobs in November,
compared with October's gain of 171,000, as superstorm Sandy
took its toll on the figures. The jobless rate was expected to
remain at 7.9 percent.
"The real question though is whether this changes the Fed's
attitude toward more stimulus. It doesn't remove the need for
stimulus but might convince the Fed to opt for a smaller
program," said BK Asset Management managing director Kathy Lien
Many economists think the U.S. central bank will opt to
further ease policy at its next meeting scheduled for Dec. 11-12
in a bid to keep bringing down unemployment.
The dollar rallied against the euro and yen after the data,
gaining 0.6 percent on the single currency to be at $1.2884
. It rallied to 82.82 yen, matching a near
eight-month high set on Nov. 22.