Monday, November 09, 2009
Rubbish Jobs Report - So What
Friday saw modest gains despite a disappointing jobs report, leaving stocks higher for the week. The Dow gained 17.46 to end on 10,023.42. The SPX added 2.67 points to finish at 1,069.30. We are in the green and looking ok.
Nonfarm payrolls fell by 190,000 in October, but fell short of estimates for a decline of 175,000. However, September was revised to a decline of 219,000 from the initial drop of 263,000. At least this data shows improvement, though not at the level economists were looking for. The biggest disappointment in the report was the spike in the unemployment rate. This rate rose to 10.2 percent from 9.8 percent in September. Estimates were for a rise to 9.9 percent and October's reading is the highest in more than 25 years. Compared with the year ago period, payrolls are down 4.0 percent, which is an improvement from the decline of 4.2 percent seen in September.
Also the market benefited from upgrades for heavyweights GE (GE) and Amazon (AMZN).
Lets see what happens this week.
Until next time.
Nonfarm payrolls fell by 190,000 in October, but fell short of estimates for a decline of 175,000. However, September was revised to a decline of 219,000 from the initial drop of 263,000. At least this data shows improvement, though not at the level economists were looking for. The biggest disappointment in the report was the spike in the unemployment rate. This rate rose to 10.2 percent from 9.8 percent in September. Estimates were for a rise to 9.9 percent and October's reading is the highest in more than 25 years. Compared with the year ago period, payrolls are down 4.0 percent, which is an improvement from the decline of 4.2 percent seen in September.
Also the market benefited from upgrades for heavyweights GE (GE) and Amazon (AMZN).
Lets see what happens this week.
Until next time.
# posted by Paul @ 3:38 AM 
