You need to upgrade your Flash Player
-$0.22 (-0.50%)
09:25PM (15 mins delay)
Nov 06, 2009 - 3:54 PM EST
Frederic Ruffy submits:The major averages opened lower on disappointing jobs data, but then battled back and are little changed late Friday. Stock index futures sank early after the Labor Department reported that the US economy lost 190,000 jobs during the month of October. Stock index futures were higher ahead of the news, but then fell because economists were expecting a smaller 175,000 drop. In addition, the nation's unemployment rate unexpectedly jumped. The percent of unemployed rose to 10.2 percent and its highest since 1983. Economists were expecting the unemployment rate to hold steady at 9.8 percent.
The jobs report wasn't a complete disaster, however. September numbers were revised up to show a loss of 219,000, better than the -263,000 initially reported. August numbers were revised higher as well. Meanwhile, average hourly earnings rose .3 percent in October, which was better than the .1 percent economist had expected.
Source: Seeking Alpha (Nov 06, 2009 - 3:54 PM EST)
© 2009 UpDown. All Rights Reserved.
Make a suggestion for this page
Data powered by QuoteMedia (Terms of Use). Data delayed 15 minutes unless otherwise indicated.
