CNBC's Rick Santelli reports on the latest jobs data with November's non-farm payrolls coming in at 64,000. e

The latest U.S. jobs report shows non-farm payrolls increased by 64,000 in November, with average hourly earnings rising 0.1% month-over-month and 3.5% year-over-year, both slightly below expectations. The unemployment rate climbed to 4.6%, the highest since July 2021, and underemployment (U6) also reached its highest level since that time at 8.7%.

Labor force participation improved to 62.5%, exceeding forecasts. November retail sales were unchanged, missing expectations, but core retail sales (excluding autos and gas) rose 0.8%, the strongest since June. Following the data release, interest rates declined and equity futures moved higher.

November non-farm payrolls comes in at 64,000

CBC team coverage this morning involves Steve Leesman as well as Rick Santelli. Rick Santelli, let's go to you. You're standing by at the CME. Let's get straight to the numbers. Mike Santelli, by the way, is out there with me. But Rick, let's get to the numbers, please. Yes, October and November for the big job, job, jobs report. The only thing is it's not Friday. Here we go. November's number comes in at 64,000. 64,000 on non-farm. And if we look at average hourly earnings, they are up one-tenth. Up one-tenth of a percent. Year-over-year up 3.5. These are both a little bit light compared to expectations. The average work week contracts. Oh, no, excuse me. We're looking for contraction at 34.2. Comes in at 34.3. 34.3. The unemployment rate, and this, of course, is what everybody's been waiting for, did indeed move up to 4.6%. 4.6% would be the hottest going back to July of 21 when it was 4.7%. If we look at the underemployment rate, known as U6, it's at 8.7%. 8.7% would be actually the warmest going all the way back to July of 21 as well. And finally, labor force participation expanded a tenth. 62.4 was expectations. Comes in at 62.5. 62.5 would be the best read since April when it was 62.6, which is where we started the year and indeed is the two highest reads of the year. Now let's go to retail sales, shall we? These are November numbers. 60, well, I'm sorry, unchanged. Unchanged. We're looking for up one-tenth. Unchanged comes in at, well, it equals where we were. To find a lower number, you have to go back to May when it was a negative number, minus eight-tenths of a percent. Now, what happens when you strip out autos? It improves. So autos were a bit of a drag. Jumps up to up four-tenths of a percent, which would be the best since August when we were up six-tenths. If you strip out autos and gas, it improves another tenth, up half of one percent. And finally, the control group number, or retail sales core, is a very powerful up eight-tenths, up eight-tenths. Up eight-tenths would be the best since it was up nine-tenths in June of this year, and that was a high watermark. What has happened as we have done these numbers? We see interest rates moving to the downside, to the downside. We came in at 4.16, down one in a ten-year, and we're now hovering right around 4.14, down a couple of basis points. A two-year is down five basis points, so you see another steepening of the yield curve. It was at 3.50, so right now at 3.46 it would be down about four basis points. And the pre-opening equities, well, the Dow is in the green, about up 57 points. You know, I guess if you have to summarize these numbers, and I do apologize, the calls I see coming across the wires are November. I do not see October on the jobs front. Back to the panel.

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Breakdown