Better than expected jobs data keeps the bulls in charge Friday. August ended with a thud on Tuesday, but since that time, traders have been in a buying mood. Strength this morning is a result of the employment report, which exceeded estimates. This news follows several other economic reports this week that have shown a double dip recession is unlikely. Shares across the globe are higher with indices in Europe moving higher following the jobs report.
Nonfarm payrolls fell by 54,000 in August, hardly something to cheer, but private payrolls did rise by 67,000. July’s figure was revised higher as well with private payrolls up 107,000. The unemployment rate did rise a tenth, as expected, to 9.6 percent. This news was viewed positively by traders, but the results are far from impressive.
Economists state that the U.S. economy needs to add around 150,000 jobs a month just to keep up with population increases. Yes, recent data has eased concerns about a... [Read More]
