For all intents and purposes, a lot of reliable sources seem to be saying Emery's received backing from the board to turn things around. Obviously we don't know what gets said behind closed doors, but it appears he's been told his job is safe.
These are some of the reasons that have been speculated:
The first reason is there is a break-clause in Emery's contract where we get rid of him after his second year if he doesn't get into the Champions League by May 2020. This means they won't have to pay the £6m pay-off. We'd get rid of him for free. Cheapest option.
The second reason is they believe, with the run of fixtures we have coming up, there is an opportunity to gather momentum and pick up points against the likes of Southampton, Brighton, West Ham, Norwich etc. They live in hope this will raise the spirits of the fans and the players, give us momentum, and so we head into the busy Xmas period full of confidence.
The third reason is they need time to find a suitable successor. The last thing they would want to do is hire a manager that would be a sideways/backward step and then we're back to square one again. It's important to get the next appointment right.
My issue though is this:
We have a 33% win percentage. Our lowest at this stage since 1994. Points wise, it's our worst start since the 1980s. We are averaging 12.5 shots per game - the lowest we've ever had in the PL era. We are conceding, on average, 15-20 shots per match. And we are letting vastly inferior opposition take the game to us because Emery plays defensive tactics when we're a side who cannot soak up pressure. There are plenty of reports saying the players don't believe in Emery's ideals. So what gives our board any confidence Emery will be able to go on a winning run? There is nothing at all that suggests he is capable of inspiring these players to turn things around.
It seems to me the only time we will take viable action is when there is nothing to play for anymore or we fall lower than 8th in the table. Which is absolutely the wrong strategy, especially when we still have a lot to play for.