The underwater soap opera 

Flick photo by Cyron.

Mortgage and long Treasury rates are rising toward four-month highs this morning (5.25 percent and 3.49 percent, respectively) on a happy surprise in the job market.

The monthly survey of big business "nonfarm payrolls" found an end to job losses, and got some confirmation from an abrupt drop in the last two weeks' claims for unemployment insurance. Other fresh data from November did not confirm: The twin surveys by the purchasing managers' association (ISM) came in below expectation and below October actual, the service sector declining sharply.

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