Two Ways To Play: Jobs Pull Disappearing Act
Strengthen your portfolio in good times and bad.
This morning the Labor Department issued its monthly jobs report. Nonfarm payrolls fell by 62,000, slightly greater than economists expectations of a decline of 60,000. Further, May's numbers were revised to a 62,000 decline versus a prior figure of a 49,000 decline.
The unemployment rate held at 5.5% after jumping the most in two decades last month, and average hourly earnings on a monthly and annual basis were inline with forecasts increasing 0.3% and 3.4% respectively.
Elsewhere, the Institute for Supply Management's non-manufacturing index sank to a five month low. The index fell to 48.2 versus economists expectations of 51.0. A reading below 50 signals contraction.
For more, see Mr. Practical's New Jobs Magically Vanish.
From the Bull Pen: In this environment, are bulls comfortable in the commodity/agriculture space? Was the pullback in Agrium (AGU) to its 50 DMA ($92.84) what the bulls were looking for?
From the Bear Cave: If the economy is losing steam, will the consumers continue to purchase Coach's (COH) high priced bags? Bears can fade the rally as the stock approaches the $30 level.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter