Brian Zwerner of Kensington Blake Capital Reviews the U.S. November Employment Report

December 8, 2014

Kensington Blake Capital’s Managing Principal Brian Zwerner has completed a review of the November

U.S. employment report from the Bureau of Labor Statistics. Overall this is a very strong report, with

321,000 new jobs created in the month. This is one of the highest number of jobs created in the last

five-years, and the highest since the 360,000 jobs created in January 2012.

In addition, the team at Kensington Blake Capital tracks the cumulative jobs lost and then created since

the recession first hit in 2008. Cumulative jobs lost hit a high of 8.7 Million jobs in February 2010. After

that date, the slowed filled the hole with approximately 180,000 new jobs created on average each

month. It took until May 2014 for this cumulative number to finally turn positive, a key milestone for

the U.S. economy.

Any published new jobs number above 200,000 a month is a good result for the growing U.S.

employment market. This has happened 29 out of the 58 months since the cumulative jobs peaked in

February 2010. However we have only seen five months during this time with more than 300,000 jobs

created.

Our view is that another strong month in December will set the U.S. stock market up for a meaningful

rally in 2015.

Commentary by Brian Zwerner, Managing Principal, Kensington Blake Capital, LLC.

www.kensingtonblakecapital.com

For further information from the U.S. Bureau of Labor Statistics, please see their website here:

http://www.bls.gov/

The BLS’ monthly job report can be found at the link below:

http://www.bls.gov/news.release/empsit.nr0.htm

(10,000)

(8,000)

(6,000)

(4,000)

(2,000)

-

2,000

4,000

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Non-Farm Payrolls

Monthly Non-Farm Cum Non-Farm