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Stocks Down In Anticipation Of Weak Jobs News
Originally published on Fri September 2, 2011 7:05 am
The August employment report, due for release at 8:30 a.m. ET, is expected to show that the jobless rate stayed at 9.1 percent, or ticked higher, and that fewer jobs were added to payrolls than in July, both Reuters and Bloomberg News are reporting.
Each news service is basing their forecasts on surveys of economist.
Financial markets overseas appear to be betting that a weak report is coming. Bloomberg says "stocks in Europe and Asia declined, U.S. futures fell and gold advanced before a U.S. jobs report that may show companies added fewer workers in August."
When the Bureau of Labor Statistics reported on the July employment picture, it said payrolls had grown by 117,000 from June. At private employers, there were 154,000 more jobs. Government agencies trimmed 37,000 position. All those figures may be revised in today's report.
We'll post the news from today's report as soon as possible after its release.