Oops futs ---Plop . MARKET TALK: Jobs Data Worse Than Expected
Edited by Raymond Hennessey
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
MARKET TALK can be found using code N/DJMT
8:34 (Dow Jones) Payrolls fell by 113,000 in August, much more than expected
due to a 141,000 loss of manufacturing jobs. The unemployment rate soared to
4.9% from 4.5%. There was an upward revision to payrolls for July (from
-42,000 to +13,000) but the sharp rise in the unemployment rate casts doubt
over the accuracy of the July surveys. (JM)
8:29 (Dow Jones) No news is good news for Intel (INTC), but the overall
market unfortunately has to absorb more than just Intel, such as Motorola's
(MOT) job cuts/warning and the soon-to-arrive unemployment report. A
DJN-CNBC survey forecasts a 40,000 decline in U.S. nonfarm payrolls, a 4.7%
jobless rate and 0.3% rise in average earnings. Lately, the market has
interpreted everything as half-empty. Since the intraday highs on Aug. 27 -
just two Mondays ago - the DJIA has lost 5.7% and the Nasdaq 11.8%. Ouch.
Futures up ahead of data. Asia plunged again. Europe sliding. Treasurys
rising. Dollar steady. Finally, enjoy retirement, Jack Welch. (GS)
(END) DOW JONES NEWS 09-07-01
08:34 AM
*** end of story *** |
