Markets Up Slightly Following Unemployment Hike
Wall Street opened slightly up this morning following a jump in the official U.S. unemployment rate from 9.4 percent in July to 9.7 percent in August.
In the first 15 minutes of trading, the Dow is up less than 0.2 percent.
The broader S&P 500 is up about the same, but the tech-heavy Nasdaq is up nearly half of 1 percent.
The markets have resisted some decent economic news over the past month, moving largely sideways as they headed into what is historically the market's worst-performing month of the year -- September.
The official U.S. unemployment number rose from 9.4 percent to 9.7 percent in August, The Post's Neil Irwin reports this morning.
More troublingly, the unofficial U.S. unemployment rate -- which we at The Ticker tout as a truer measure of joblessness -- soared to 16.8 percent, its highest rate ever. This figure includes people who ought to be working full time but are not, either because they have been forced into part-time situations or simply because they are so discouraged by the job market, they have given up looking for work.
-- Frank Ahrens
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September 4, 2009; 9:47 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500, unemployment
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Posted by: Dermitt | September 4, 2009 11:17 AM | Report abuse
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