INSTANT VIEW 3-US non-farm payrolls fall just 11,000 in Nov

NEW YORK, Dec 4 (Reuters) - U.S. employers cut a far fewer-than-expected 11,000 jobs in November, the smallest decline since the start of the recession in December 2007, government data showed on Friday, strongly suggesting the deterioration in the labor market was in its final stages.

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KEY POINTS: * The Labor Department said the unemployment rate fell to 10 percent from a 26-1/2 year high of 10.2 percent in October. * The government revised job losses for September and October to show 159,000 fewer jobs lost than previously reported. * Analysts polled by Reuters had expected non-farm payrolls to drop 130,000 last month and the unemployment rate to hold steady at 10.2 percent. * Since December 2007, when the economy slipped into recession, 7.2 million jobs have been lost, the Labor Department said. * November's data was the strongest since December 2007, when jobs increased by 120,000.
COMMENTS: BURT WHITE, MANAGING DIRECTOR, CHIEF INVESTMENT OFFICER, LPL FINANCIAL. BOSTON:

'My view here is that the markets have been split in a nervousness lately, concerned about both the anchor and the brake. Both can slow down the economy, the brake has been the Fed and the anchor has been unemployment.

'Today's employment numbers continue to alleviate nervousness over the anchor. We are not dragging this anchor anymore, we have been moving towards creating jobs here and we thought jobs would be created sometime in January and we are a month early. This is a great number and expect the market to reward it handsomely.'
TOM SOWANICK, CHIEF INVESTMENT OFFICER, THE OMNIVEST GROUP, PRINCETON, NEW JERSEY:

'These numbers are almost too good to be true. Having said that, they are consistent with the weekly decline in initial unemployment claims. There's a 193,000 net improvement in jobs for the month. Average weekly hours worked also up which is good for consumption spending. These are eye-popping numbers.'
JOSEPH TREVISANI, CHIEF MARKET ANALYST, FX SOLUTIONS, SADDLE RIVER, NEW JERSEY:

'The markets are not doing that much. The dollar will probably weaken on this over time because it gives a much better picture of the U.S. economy.'
MARKET REACTION: STOCKS: U.S. stock index futures extend gains after better-than-expected jobs report. BONDS: U.S. Treasury debt prices fall sharply. DOLLAR: U.S. dollar extends gains versus yen.
Keywords: USA MARKETS/PAYROLLS (Reporting by New York Treasuries Desk; [phone]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.