No surprise here, 131,000 jobs were lost in July vs. 71,000 jobs added. Remember when everyone was chirping about census jobs being temp? Now you can see how those temp jobs are being flushed back into the system, 143,000 of them to be exact. We need to add 200,000 jobs a month to get ourselves back on track and under 9% unemployment. Currently 14,000,000 people inside the US are milling about maybe looking for job? This number is almost double 2007’s number. At least this economist is a little honest about the jobs situation:
“There is still a labor market recovery, but it’s a very, very weak one,” said Nigel Gault, chief U.S. economist at IHS Global Insight.”
We have Bernake speaking on Tuesday next week so keep that in mind this weekend when are you planning your trading for next week. Today as you can seen from the chart above the machines apparently thought the number was great! We basically shot straight up from the opening gap down with some fairly high TICK readings indicating heavy program buying. I would not be surprised if we chop around today in the 112-111.60 range for most of the afternoon. Where do we go from there? I think their is a higher chance of moving higher into the afternoon, though expect the unexpected.
FYI, here is a great interactive map highlighting each states county government jobless figures etc.
Dont forget to check out stockMONSTER, the traders in there we all over todays number.