Stocks Higher This Morning on Jobs Data

Stocks Higher This Morning on Jobs Data

September 3, 2010
The Dow Jones Industrial Average was up more than 100 points this morning, the S&P 500 was up more than 11 points, and the NASDAQ Composites were up more than 20 points this morning on better than expected jobs data.

Jobs data for the month of August shows that the non-farm private payrolls reports grew by 67,000. Average hourly wages for private non-farm payrolls did rise by 6 cents. This data is better than expected, but the new unemployment numbers still show that the unemployment is up to 9.6%. “It’s bad news, but not as bad as predicted.” Said Stuart Varney of Fox Business Network.
Crude oil prices raised 0.01 percent, gold declined by 0.29 percent, and silver fell by 0.34 percent. Traders and analysts are still being cautious, because unemployment did edge higher for the third quarter, up 0.10 percent from 9.5% to 9.6% on average in America. Some states, like Michigan, have 14 percent or more unemployment, while some states have less unemployment. Manufacturing data for August showed an increase, as did retail sales, possibly due to the back to school shopping season. Traders and investors alike are waiting to see if the advances in consumer spending and manufacturing are an aberration due to the back to school season, or if the data is truly a sign that the economy is recovering. With the unemployment estimate raised to 9.6%, it would seem the data is an aberration.

Early numbers and trading are not indicators of how the markets will perform throughout the day. Prices may fluctuate and trading may be choppy or slower than expected on data released today.