The rate of unemployment slows (future revisions permitting) and a much better than expected Non Farm Payrolls number hits The Street just before the long holiday weekend…
Nonfarm payrolls fell by 54,000 last month, matching the level of revised losses recorded the previous month, the U.S. Labor Department said Friday. Economists had predicted a drop of 110,000. The unemployment rate, calculated using a separate household survey, edged up to 9.6%, as expected, after holding at 9.5% for previous two months.
It’s a tepid number (like all signs of this tepid recovery) but I guess it gives the bulls a chance to hold the line on this week’s constructive action in stocks, Dow futures up nicely as of this posting.