Stocks Gain on Strong Jobs Numbers
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After trading lower ahead of the jobs number, stock futures jumped higher after a much better-than-expected report.
Dow futures are currently up 85 and S&P 500 futures are up 12.50.
The U.S. added 117,000 non-farm payrolls in July, well ahead of the consensus of 85,000. June was revised sharply higher from 18,000 to 46,000. Private payrolls totaled 154,000, versus the economist estimate of 113,000 and compared to a reading of 80,000 in June. Manufacturing payrolls were 24,000, compared to the Street estimate of up 10,000. The unemployment rate fell to 9.1%, which compares to the consensus estimate of 9.2%.
Traders went into the report with low expectations, which would have made even an in-line number a positive.
Some would suggest there is a dark cloud in the report however, as it could give Fed Chairman Ben Bernanke more leeway in holding off on QE3.
Dow futures are currently up 85 and S&P 500 futures are up 12.50.
The U.S. added 117,000 non-farm payrolls in July, well ahead of the consensus of 85,000. June was revised sharply higher from 18,000 to 46,000. Private payrolls totaled 154,000, versus the economist estimate of 113,000 and compared to a reading of 80,000 in June. Manufacturing payrolls were 24,000, compared to the Street estimate of up 10,000. The unemployment rate fell to 9.1%, which compares to the consensus estimate of 9.2%.
Traders went into the report with low expectations, which would have made even an in-line number a positive.
Some would suggest there is a dark cloud in the report however, as it could give Fed Chairman Ben Bernanke more leeway in holding off on QE3.
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