dow2664
Stock market index trends were behind before opening bell this morning as apprehensive thoughts permeated relative to expected economic postings. The Bureau of Labor Statistics reported this morning that the National Unemployment Rate remained at 9.6% for the third straight month. The unemployment rate in America has been near this exceptionally high level for approximately two years. The Bureau of Labor also reported that the number of non-farm jobs rose by 151,000, but the number of people filing for unemployment remained unchanged at 14.8 million. If Congress does nothing in the next several weeks to extend unemployment benefits coverage, then approximately two million people will have to find another way to receive a reliable and predictable form of income. The deadline to file for federal unemployment benefits expires on November 30th and four days after that, over 800,000 people will stop receiving unemployment benefit checks according to the National Employment Law Project group. Long term unemployment has also been a consistently disturbing problem in our economy as close to half of all those unemployed people have been unemployed for equal to or greater than a six month period. The positive news here is that the economy did generate a net gain in jobs for the first time since May of 2010. The gain was stronger than many Wall Street analysts were expecting. Stocks ended the day today mostly higher and the Dow and S&P 500 saw their biggest weekly advance in over two months. The Dow Jones Industrial Average ended the day in the green at 11,444.08 up .08%. The Nasdaq ended up as well by .06% and settled at 2,578.98. The S&P 500 ended the day in the green and finished up by .39% and closed the day at 1,225.85. Author: Frank Matto
No comments:
Post a Comment