CNBC Daily Open: Beauty is in the eye of the U.S. jobs report beholder

The U.S. November jobs report has something for everybody.

Those convinced of weakness will highlight the higher-than-expected unemployment rate as well as the number of jobs shrinking in October.

On the other hand, proponents of a strong economy will focus on jobs growth in November beating estimates, and point out that the increase in the unemployment rate was mostly because the labor force grew, as CNBC’s Jeff Cox noted.

Without any definitive judgment that can be made on the state of the labor market, traders left their bets on interest rate cuts in January mostly unchanged. It’s currently at 25.5%, around one percentage point higher than before the release of the November jobs report, according to the CME FedWatch tool.

“Today’s data paints a picture of an economy catching its breath,” said Gina Bolvin, president at Bolvin Wealth Management Group. “Job growth is holding on, but cracks are forming. Consumers are still standing, but not sprinting.”

That ambivalence was reflected in markets as well. Major U.S. indexes were mixed: The S&P 500 and Dow Jones Industrial Average fell 0.24% and 0.62% respectively, while the Nasdaq Composite registered a mild gain of 0.23%, thanks to Tesla stock closing at an all-time high.

Whether you’re a bull or a bear, Tuesday’s tea leaves will show you what you want to see — but beware confirmation bias.