Friday's fireworks jobs number, which showed growth of 321,000 nonfarm jobs compared with an expected 230,000, is probably too low. And it's going to be a long time before we know with any accuracy how many jobs were actually created in November. Pantheon Macroeconomics' Ian Shepherdson wrote in a note Thursday that "whatever you think really happened to November payrolls, you need to temper your forecast for the initial print by about 70K." Historically, the median revision between the first number released and the third for the November jobs report has been plus-71,000, he says. If that is the case here, then the ... (full story)