Market comments for Sept. 3rd (Update)
The big number is out this morning in pre-market on the Unemployment rate. It was expected to rise and the number didn't disappoint. The August Unemployment rate came in at 9.6%, a rise from 9.5% in July. Expectations were for the Unemployment rate to come in at 9.6%. Also out this morning was data on Non-Farm Payrolls. Expectations were for the number to come in at -106K and it came in at -54K, better than expected. Non-Farm Payrolls from the Private sector came in at +67K while expectations were for the number to come in at +10K.
Hourly Earnings came in as expected at +0.3% verses last month at +0.2%, which was better than expected and the Average workweek came in at 34.2 hours, unchanged. At 7:00am PST the ISM numbers for the Service sector will be released. Expectations are for the number to come in at 51.0, as the prior month came in at 54.3, so this won't be moving in a good direction for the Bulls, since much of the economy now is in the Service Sector. This could pull the market back from the surge at the open.
In pre-market, the Dow was down before the data to -7 points. After the release of all the data it settled in at +125 on the Dow. That would say we will have another day up on the Dow and other market indicators.
The Volume has been declining each of the past few days and we are going into a long weekend so my expectation is that the market will not surge up today as it looks right now, but rather have a modest pullback before the close. BUt heck, I'm only speculating here and have no clue because of all the manipulation of markets by the Fed. Have a nice Labor day weekend and watch the surf on the East Coast with Hurricane Earl off shore. Stay safe.
UPDATE: 7:05am PST
The ISM Service sector number came in at 51.5 versus 54.3 from the prior month. You must remember that the service economy represents 80% of all jobs in the US. Now here's the spin. First, expectations were for the number to come in at 51.0, so it's not as low as expected but in fact it is a very low number and one of the lowest we have had.
P{resident's remarks, which were expected at 7:00am PST, have been postponed indefinitely! There goes the Christmas surprise form the President. Dow now at +78, so it looks like it is backing off the higher levels of the day.
Hourly Earnings came in as expected at +0.3% verses last month at +0.2%, which was better than expected and the Average workweek came in at 34.2 hours, unchanged. At 7:00am PST the ISM numbers for the Service sector will be released. Expectations are for the number to come in at 51.0, as the prior month came in at 54.3, so this won't be moving in a good direction for the Bulls, since much of the economy now is in the Service Sector. This could pull the market back from the surge at the open.
In pre-market, the Dow was down before the data to -7 points. After the release of all the data it settled in at +125 on the Dow. That would say we will have another day up on the Dow and other market indicators.
The Volume has been declining each of the past few days and we are going into a long weekend so my expectation is that the market will not surge up today as it looks right now, but rather have a modest pullback before the close. BUt heck, I'm only speculating here and have no clue because of all the manipulation of markets by the Fed. Have a nice Labor day weekend and watch the surf on the East Coast with Hurricane Earl off shore. Stay safe.
UPDATE: 7:05am PST
The ISM Service sector number came in at 51.5 versus 54.3 from the prior month. You must remember that the service economy represents 80% of all jobs in the US. Now here's the spin. First, expectations were for the number to come in at 51.0, so it's not as low as expected but in fact it is a very low number and one of the lowest we have had.
P{resident's remarks, which were expected at 7:00am PST, have been postponed indefinitely! There goes the Christmas surprise form the President. Dow now at +78, so it looks like it is backing off the higher levels of the day.
Labels: August Unemployment rate, Hourly earnings, Non Fram payroll jobs
posted by Charles Amico at 5:05 AM
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