A rough week on Wall Street is about to get worse. Data released today on payroll figures are below what was expected. Combined with new record high
oil prices the market is continuing to fall. The Bush administration is busy citing the data that more jobs were created this month in the 11th
straight month of hiring gains.
NEW YORK (Reuters) - U.S. stock futures fell on Friday after a U.S. government report showed that July payroll figures came in below expectations,
pointing to a lower opening for the stock market.
U.S. nonfarm payrolls rose 32,000, and the U.S. unemployment rate fell to 5.5 percent from 5.6 percent in June, according to data from the Labor
Median forecasts were for nonfarm payrolls to rise 228,000 last month, with an unemployment rate at 5.6 percent.
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Many people watch the markets for hints of future terrorist attacks. The way the markets have been falling continuously indicate that a terrorist
strike may be coming soon. Before September 11, 2001 a large amount of put options were put on American Airlines and United Airlines, the two airline
companies involved in the day's attacks. The markets have a lot more to say than people think.
I would consider the FX markets to be a better indicator of what the whole world thinks.
The US$ is actually UP against all major currencies (Euro, Pound, Yen, AU$, NZ&) in the past few weeks! It dropped today, but it is still higher than
it was 3 weeks ago. The Greeenspan talk to congress really boosted the US$.
most numbers presented by this admisitration about the economy are garbage. many figures like unemployment drop beacause they don't count people who
havn't had jobs for a long periods of time. also when they say how many jobs are created they don't factor in the pay. many of the jobs that are
created, that pay minimum wage, are filled by people who lost much higher paying jobs.
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