Clean out my email box and rain across the Forbes article from 2010.
The market is afraid of unemployment rates in the low the mid single digit range. It can be much worst and 2010 was not even out of the normal in an standard recession/economic pullback. On a relative basis the economy is not in that bad a place.
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Unemployment Rate Rises To 9.6%
Carl Gutierrez
Forbes Staff
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Sep 3, 2010,08:43am EDT
Updated Jun 19, 2013, 04:42pm EDT
This article is more than 10 years old.
On Friday the Labor Department reported that nonfarm payrolls fell by 54,000 in August, short of the 90,000 drop Wall Street had expected. The unemployment rate rose slightly to 9.6%, inline with expectations, but ahead of the 9.5% reached in July.
Private employment incraesed by 67,000, ahead of concensus, however manufacturing employment declined by 27,000. The rise in the unemployment rate was due to the increase in the participation rate to 64.7%.
Wall Street was pleased with the news, as the Dow Jones Inudstrial Average futures rose 1.1% to 10,426 points, the Nasdaq futures 1.3% to 1,861 points and the S&P 500 index futures 1.2% to 1,102 points. |
