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Job creation skewed to services-related industries, which added 132,000, while goods producers grew by 29,000, the lowest increase since March. Government jobs declined by 6,000.

Health care and professional and business services added the largest number of workers with 32,000 apiece. Manufacturing rose by 27,000, while transportation and warehousing contributed 25,000.

Heading into the holiday season, retail jobs edged higher by 18,000, though clothing stores reported a net decline of 14,000. Electronics and appliances stores lost 11,000, as did sporting goods, hobby and book stores.

Those losses were offset by a jump of 39,000 in general merchandise stores and 10,000 for miscellaneous retailers.

The report comes amid questions over whether the above-trend growth in 2018, the best since the recession ended in mid-2009, can continue as fiscal stimulus fades and interest rates rise. Financial markets have been skittish lately, posting aggressive gains and losses as the major stock market averages have been in and out of correction territory.

Policymakers at the Federal Reserve are watching the jobs numbers closely as they prepare for an expected interest rate hike later this month.

In addition to the November jobs report falling below expectations, October’s count was revised lower from an initially reported 250,000 to 237,000. September’s total was revised up from 118,000 to 119,000.

Those considered not in the labor force rose by 60,000 to 95.94 million. However, the size of the labor force also grew by 133,000 to 162.77 million. On net, the labor force participation rate was unchanged at 62.9 percent.

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Uber files IPO paperwork, races against Lyft for big offering



Uber application logo is seen on a screen in front of taxi board in Ankara, Turkey on August 31, 2018.

Ali Balikci | Anadolu Agency | Getty Images

Uber application logo is seen on a screen in front of taxi board in Ankara, Turkey on August 31, 2018.

Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.

The ride-hailing company filed the confidential paperwork on Thursday, in lock-step with its smaller U.S. rival, Lyft Inc, which also announced on Thursday it had filed for an IPO, setting the stage for one of the biggest technology listings ever.

The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce competitors have often rolled out identical services and matched each other’s prices.

Uber’s most recent valuation was $76 billion, and could be worth $120 billion in an IPO. Its listing next year would be the largest in what is expected to be a string of public debuts by highly valued Silicon Valley companies, including apartment-renting company Airbnb and workplace messaging firm Slack.

Uber’s debut will be a test of investor tolerance for legal and workplace controversies, which embroiled Uber for most of last year, and on Chief Executive Dara Khosrowshahi’s progress in turning around the company. Khosrowshahi took over more just than a year ago.

Uber faces a deadline to go public by Sept. 30, and a filing this week suggests the debut will come earlier than that.

IPOs from Uber and Lyft will test public market investor appetitive for the ride-hailing business, which has proved wildly popular but also unprofitable.

Uber in the third quarter lost $1 billion and is struggling with slowing growth, although its gross bookings, at $12.7 billion, reflect the company’s enormous scale.

The Wall Street Journal reported the filing earlier on Friday.

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Dow tumbles more than 500 points, wipes out gain for the year to cap wild week on Wall Street



Stocks dropped sharply on Friday, concluding what has been a wild week for Wall Street. A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Average lower by 558.72 points to 24,388.95 and erased its gains for the year.

At one point, the Dow was up more than 8 percent for 2018.

The S&P 500 pulled back 2.3 percent to 2,633.08 and also turned negative for the year. The Nasdaq Composite dropped 3.05 percent to close at 6,969.25. Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google-parent Alphabet all traded lower. Apple’s stock also fell 3.6 percent — erasing its gains for the year — after Morgan Stanley cut its price target on the tech giant’s shares, citing weakening iPhone sales.

For the week, the major indexes all dropped more than 4 percent. Thursday’s session included a violent drop of nearly 800 points, followed by a strong rebound from those levels. This week was also the worst for the indexes since March.

Indexes fell to their lows of the day after the Wall Street Journal reported federal prosecutors are expected to bring charges against Chinese hackers allegedly trying to break into technology service providers in the U.S., another negative headline amid tense trade talks between the two countries.

The U.S. economy added 155,000 jobs last month. Economists polled by Dow Jones expected a gain of 198,000 jobs. Wage growth also missed estimates. But investors were torn about the data as it could signal fewer rate hikes from the Federal Reserve down the road.

“The report was solid, not great, but it is still enough to keep the pace on track,” said Kate Warne, investment strategist at Edward Jones. She added, however, that volatility will persist as “investors are not sure about how much growth is slowing and are worried about U.S-China trade relations.”

Investors worried about the U.S. and China striking a permanent deal on trade after news of the Huawei CFO’s arrest broke. News of the arrest initially sent stocks down sharply on Thursday, but equities managed to recover most of their losses. This also came after President Donald Trump and Chinese President Xi Jinping agreed last weekend on a cease-fire to the ongoing U.S.-China trade conflict, which sent stocks sharply higher on Monday.

“You’ve gone from a period of zero sensitivity to headlines to a period of hypersensitivity,” said James Athey, senior investment manager at Aberdeen Standard Investments. “We’re now in a world where no one knows which way is up and which way is down.”

Trade-related stocks like Deere and Boeing fell 4.6 percent and 2.6 percent, respectively. Caterpillar also dropped 3.75 percent.

Investors also grappled with fears of an economic slowdown this week. The yield on the 3-year Treasury note yield broke above its 5-year counterpart earlier in the week, a phenomenon referred to as an inversion. Historically, when short-term yields move above longer-term rates, it signals a recession could arrive in the near future. However, the more closely watched spread between 2-year and 10-year yields has yet to invert.

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Huawei reportedly agrees to British security agency’s demands



A logo sits illuminated outside the Huawei pavilion during Mobile World Congress 2015 in Barcelona, Spain.

David Ramos | Getty Images News | Getty Images

A logo sits illuminated outside the Huawei pavilion during Mobile World Congress 2015 in Barcelona, Spain.

Chinese tech giant Huawei has pledged $2 billion in an effort to alleviate a British security agency’s concerns over its equipment and software, according to media reports.

The Financial Times reported Friday that Huawei executives met with senior officials from GCHQ’s National Cyber Security Centre this week, where the company agreed to several terms that will overhaul its practices in the U.K. Both the FT and Reuters reported that it had committed $2 billion to address U.K. security demands.

Specifics around the terms of the agreement were not revealed in either of the reports. However, Huawei is said to have agreed to write a formal letter to the NCSC outlining its agreement to address the issues raised, according to the FT.

Questions have been raised over Huawei’s involvement in Britain’s future 5G networks. On Wednesday, U.K. telecommunications firm BT said it would exclude the Chinese firm from providing technology for its core 5G network. Huawei has already been banned from providing technology for 5G in the U.S., Australia and New Zealand.

A spokesperson for the NCSC told CNBC via email Friday: “As was made clear in July … the NCSC has concerns around a range of technical issues and has set out improvements the company must make.”

“The U.K. government and British telecoms operators work with Huawei to manage cyber security risks while ensuring the U.K. can continue to benefit from new technology,” they added.

Huawei did not respond to multiple requests for comment.

On Wednesday, Canada’s Department of Justice said the country arrested Meng Wanzhou, the company’s CFO in Vancouver, where she is facing extradition to the United States. The arrest is related to violations of U.S. sanctions against Iran, Canadian officials said during a court hearing Friday.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

Ryan Browne
and Deirdre Bosa contributed to this report

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