Sept. 5 (Bloomberg) -- The U.S. lost more jobs than forecast in August and the unemployment rate climbed to a five- year high, heightening the risk that the economic slowdown will worsen.
Payrolls fell by 84,000 in August, and revisions added another 58,000 to job losses for the prior two months, the Labor Department said today in Washington. The jobless rate jumped to 6.1 percent, matching the level of September 2003, from 5.7 percent the prior month.
It was less than the 100K some were worried about, but the data is troubling.
So much for the July low double bottom on NDX, although we could now face the prospect of an additional rate cut according to some, but I find that unlikely. Watching yields, they are now at 3.57%. Mortgage rates are falling, that help is definitely needed. We will keep watching the HGX development.
ER bounced off its 50 dma at 711. That will need to hold for any hope of not seeing SPX hit the July lows today. support wil be at 1225.50.
NSM did not do that bad, it came within its own forecast, but analyst had made the bar a little higher in terms of revenue.
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on Friday, September 05, 2008 at 9/05/2008 09:05:00 AM.
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