Job Losses More Than Expected

Posted on 08. Jan, 2010 by Founder in Blog

Job losses were more than expected once again in December. Nonfarm payrolls fell by a seasonally adjusted 85,000 in December following a revised 4,000 gain in November. During all of 2009, payrolls or job growth fell by 4.2 million – one of the biggest in history. Since the recession began two years ago, payrolls have fallen by 7.3 million. Next month, the government will incorporate annual benchmark revisions that will likely push the total job loss to more than 8 million. Official unemployment rate remained at 10%. Futures are taking a hit on this news.

Jobs Report Will Be The Focuse Today

Posted on 04. Dec, 2009 by Founder in Blog

U.S. stock futures edged higher Friday in light trade as traders awaited a report that may show a declining rate of job losses. The November non-farm payrolls report is due at 8:30 a.m. Eastern, and economists polled expect 100,000 jobs to be lost — less than the 190,000 jobs lost in October. Strategists at CITI are predicting 100,000 jobs lost but point out that the market will also be closely scrutinizing the unemployment rate. The official unemployment rate is expected to remain at 10.2%.

ES Mini’s Trade Higher Pre-Market

Posted on 06. Nov, 2009 by Founder in Blog

ES Mini’s are trading higher afterahead of the release of key U.S. jobs data, which markets use to gauge the health of consumer spending in the world’s largest economy in the run-up to the year-end holiday season.

The economic calendar is light today but includes the big report that traders have been gearing up for all week: the Employment Situation Report.

The release of the Jobs Report is scheduled for 8:30 a.m. ET. The two components tracked most closely will be payrolls, expected to come in at -175,000, and the headline unemployment percentage number, which is forecast to rise to 9.9 percent.

A larger drop in payrolls than forecast, and especially closer to the last report at -263,000, would be bearish; a smaller negative number would be bullish. The headline unemployment rate would be bullish if it comes in at 9.8 percent–the value of the last report–or lower.

Jobless Claims Rise

Posted on 01. Oct, 2009 by Founder in Blog

First-time claims for jobless benefits rose more than expected last week in the U.S., a sign employers are reluctant to hire and the job market remains weak.

The Labor Department says initial claims for unemployment insurance rose to a seasonally adjusted 551,000 from 534,000 in the previous week. Wall Street economists expected an increase of 5,000, according to a survey by Thomson Reuters.

The increase comes after three weeks of declines. Weekly claims have been trending down since the spring, but the decline has been painfully slow. The four-week average, which smooths out fluctuations, dropped to 548,000, about 110,000 below its peak in early April.

The number of people remaining on the rolls fell 70,000 to 6.09 million, the lowest level since the week of April 4.