Unemployment Rate rises to 9.1%!!
The Unemployment rate for May rose to 9.1%. Wednesday I made a prediction that the rate was going to rise to this level and that could be what others in the market expected, hence the selloff two days ago. This will have a very negative impact on the stock market today and continue the downtrend of lower lows, followed by lower highs.
Non-Farm Payrolls for May were 54K jobs added. Expectations were for 169K. In April it was reported we added 244K new Non-Farm jobs, but today, that number was revised down to 232K.
These data released today combined with previous data this week of a much lower Consumer Confidence (60.8 vs. 66 in April) and much lower Chicago PMI number (56.6 vs. 67.6 in April) have the Futures market for the Dow down -142. This is going to be a rough day for the Bulls and a rough week as well.
Next week this trend will continue!
Non-Farm Payrolls for May were 54K jobs added. Expectations were for 169K. In April it was reported we added 244K new Non-Farm jobs, but today, that number was revised down to 232K.
These data released today combined with previous data this week of a much lower Consumer Confidence (60.8 vs. 66 in April) and much lower Chicago PMI number (56.6 vs. 67.6 in April) have the Futures market for the Dow down -142. This is going to be a rough day for the Bulls and a rough week as well.
Next week this trend will continue!
Labels: Chicago PMI, Consumer Confidence, Dow, Dow Futures, lower lows and lower highs, Non Farm Payrolls, Unemployment rate
posted by Charles Amico at 5:37 AM
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