It may not get as much press as the 2006 elections, the war in Iraq, or the incendiaries fired daily by Iranian president Mahmoud Ahmadinejad, but the monthly jobs report is always big news on Wall Street. Last Friday, investors once again liked what they saw.

The Labor Department’s household survey showed a robust gain of 277,000 jobs for November, while the narrower payroll survey — which measures corporate tallies instead of individual responses — posted a respectable increase of 132,000 jobs. The Dow Jones, Nasdaq, and S&P 500 each gained on the news, with the Dow adding nearly 30 points to its already near-record high and the S&P padding the six-year high it had just established.

As the above table shows, the total number of jobs created since Bush’s 2003 tax cuts has risen to a whopping 8 million according to the household survey and 6.2 million as per the payroll survey. Notable in the November jobs report is the fact that the market absorbed almost all of the roughly 300,000 individuals who sought employment during the period.

The stock market will, from time to time, greet particularly strong levels of job growth with a drop, on the reasoning that interest rates will be raised as a result of those employment gains. But this stock market continues to express loud, record-breaking approval of President Bush’s job-producing economic policies.

– Jerry Bowyer is an economic advisor to Blue Vase Capital Management and the author of The Bush Boom.