Nonfarm payrolls at 80K. Greece's confidence vote

Good morning,

The U.S. added 80,000 jobs added in October and unemployment dropped 10 basis points to 9.00%. However, if this 80,000 jobs/month pace were to continue, it would take 7 years for the U.S. to have a normal unemployment rate of 5.00 – 5.50%.

Focusing on Greece, we continue to see an extremely volatile political climate that changes day by day. It is still not clear as to whether Greece’s Prime Minister George Papandreou will be able to get the support of the opposition to eliminate the idea of holding a referendum on the new fiscal restrictions included in the latest rescue measures announced last week. Therefore, investors will closely monitor today’s developments in the Greek Parliament as Prime Minister will be subjected to a non-confidence vote.