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MARKET HEADLINES
- Treasurys Gain as Job Fears Shake Stock Market
- Euro Stocks Fall on Growth Fears
- Asian Markets Get Hammered, Japan Sheds 2.8%
- Stock Picks: Are There Retail Stocks Worth Buying?
- Treasury Yields Hit 4-Month Lows as Stocks Sag
- Euro Stocks Fall 2.6% on Growth Worries
- Asian Shares Hit 2-Year Low on Recession Fears
- Commodities Party Fizzles, So Should Investors Bail?
- BlackRock to Create Fund to Buy Leveraged Loans
- Telecom CEO: The Trouble With US Cell Phones
- Lehman shares rebound as analyst confirms rating
- Nokia warns 3Q market share will fall; shares dive
- Altria calls reports on UST 'pure speculation'
- Safeway Stores shares fall on analyst downgrade
- Texas refinery fire sends Valero shares lower
- AIG shares slide after ratings downgrade
- Harley-Davidson shares skid on sales worries
- Saks stock falls on report Baugur interest fades
- Sector Snap: National bank stocks fall
- Smith & Wesson shares fall after profit decline
- S&P and Nasdaq on track for 5-day losing streak
- Jobs Numbers: Breakdown by Sector
- ARM Resets: Tsunami Ahead
- Deconstructing Jobs Numbers
- Has the S&P Ever Lost More Points Than the Dow?
- Market 360: The Best and Worst of the Week for US Equities, Commodities, Currencies, and More
- Quick Market Stats: Week Ending 8/29
- The US dollar is poised for its biggest monthly rise in over 15 years
- Small-cap companies with an almost 400% return
- Will Labor Day be a Turning Point for the Markets?
Today's report on non-farm payrolls showed a loss of 20,000 jobs and a drop in the unemployment rate, now down to 5.0% from 5.1%. The latest overall job loss numbers are much better than economists expected and still well below the six figure numbers seen in past recessions. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. As you can see from the chart below, numbers peak toward the end of a recession (recessions are marked by grey bands), making employment a lagging indicator.
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Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit continue to be construction and manufacturing. Education, Health Care and Professional Services added the most jobs.
Total change in non-farm payroll = - 20,000
- Private Sector = -29,000
- Natural Resources & Mining = -3,000
- Construction = -61,000
- Manufacturing = -46,000
- Services = +81,000
- Wholesale Trade = -10,600
- Retail Trade = -26,800
- Transportation = +1,200
- Utilities = Unch
- Information & Media = -2,000
- Financial Svcs & Real Estate = +3,000
- Professional & Business Svcs = +39,000
- Education & Health Svcs = +52,000
- Leisure = +18,000
- Government = +9,000
On the news, the markets are poised to continue their rally. Leading the Dow [.DJIA
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] in gains on the open are Citigroup [C
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], GM[GM
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], Bank of America [BAC
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], AIG[AIG
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], and American Express [AXP
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].
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Data is a real-time snapshot *Data is delayed at least 15 minutes