November payroll employment

November's payroll employment number (+39,000) was much lower than expected. I just ran a regression of the percent change in payroll employment on the ISM manufacturing and nonmanufacturing employment indexes and initial unemployment claims. One would have expected employment growth on the order of 130,000 rather than 39,000 based on the historical correlation between these variables. So I'm guessing come the next employment report this number will be revised upwards in this general direction, and people won't be quite as glum about the employment situation as they've been of late.