by Craig on 05/02/10 at 8:03 am
Morning Commentary
The employment data is helping futures somewhat. But stocks are lower around the world and the euro is at an 8th month low. Financials and mining stocks are leading things lower overseas.
The big North American number this morning is the change in nonfarm payrolls which dropped by 20k compared to estimates of 15k new jobs. Also, December was revised down from -85k to -150k. On the positive, manufacturing jobs gained, average weekly hours worked rose and the unemployment rate declined to 9.7%. The unemployment rate is based on a household survey which was a bit better.
One saving grace is commodities appear relatively stable so far this morning. Chart of the Day is the change in nonfarm payrolls and the unemployment rate.
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