Jobs Report

The government reported that nonfarm payrolls increased by 56,000 in October. This was about half of what Wall Street was expecting. The unemployment rate fell from 5.1% to 5%. Also, the jobs growth number was revised lower for August (148,000 instead of 211,000) and higher for September (a loss of 8,000 instead of a loss of 35,000).
The EU reported that unemployment in Europe fell to 8.4% from 8.5%. Poland has the highest jobless rate of 17.7%. Over a third of young people are out of work. The lowest unemployment goes to…Ireland! Just 4.3%.
The bond market is currently selling off. Long-term yields are headed to another six-month high. Also this morning, Prudential downgraded Apple Computer (AAPL) due to valuation. This might weigh on the morning’s trading. Frontier Airlines (FRNT) said that it will resume flights to Cancun, which had been suspended due to Hurricane Wilma. The company has also received approval to expand its Cancun service to Indianapolis.

Posted by on November 4th, 2005 at 8:58 am


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