Futures rally after U.S. jobs data
Added 249 days ago on June 5th, 2009
U.S. stock futures shot higher Friday following far-lower-than-forecast monthly job losses of 345,000, reinforcing recent hopes that the economy will expand later in the year.S&P 500 futures rose 11.5 points to 952.00 and Nasdaq 100 futures rose 12 points to 1,505.00. Futures on the Dow Jones Industrial Average rose 100 points.The U.S. unemployment rate jumped to a 26-year high of 9.4% in May as 345,000 payroll jobs were lost, the Labor Department reported Friday. The decline in payrolls was the smallest since September, and much lower than the 500,000 expected by economists surveyed by MarketWatch. Payrolls in March and April were revised higher by 82,000.Details of the report were mixed. While the payroll figures from a survey of business sites was much better than expected, a separate survey of households showed unemployment increased more than expected. Unemployment rose by 787,000 in the month to 14.5 million, pushing the jobless rate from 8.9% to 9.4%, the highest since August 1983."We are witnessing another jobless recovery," said Stephen Pope, chief global market strategist at Cantor Fitzgerald, in an email. "Of course the U.S. wants as many people working as possible, but they have to be productive, what the U.S. needs more is profit."
Source: marketwatch.com
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Showing 1-3 of 3 comments
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Posted by: rakey1764
6:55am, June 5th, 2009
Re: Futures rally after U.S. jobs data
We had job losses in the 600,000s again this week for about the 20th week in a row (or more), Not 345,000. Where did you get that figure?! Jobs are going to continue to be lost in the 100s or thousands. Things are not going to get better for awhile yet!!Posted by: PollM
7:05am, June 5th, 2009
Re: Futures rally after U.S. jobs data
Very good question but look at the source that's what they've been reporting all morning and the issue is sourced click on the link takes you to the article. Deceptive at best. When you add all under-employed - people who can't claim any more - and individuals who have not the unemployment rate as reported on CNBC today could be as high as 16.5%Posted by: Jon70
7:24am, June 5th, 2009
Re: Futures rally after U.S. jobs data
Welcome to the world of deception, where the middle class of America is no longer accounted for. rakey is right the numbers are all over the place can't put stock in any of these figures.
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