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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Stocks surge on drop in unemployment

Stocks surged into a rally this morning, following the government's news that the November unemployment rate dropped to 10 percent from 10.2 percent in October.

In the first 30 minutes of trading, the Dow is up 1.1 percent.

The broader S&P 500 is up 1.4 percent and the tech-heavy Nasdaq is up 1.7 percent.

This may be the "coiled spring" you've been hearing so much about in recent months: the markets -- which have flattened -- waiting for some piece of legitimate, fundamentals-based good news to start a second rally.

Employers cut the smallest number of jobs in November since the recession began.

I'll be digging into the new unemployment number here shortly. Be sure to check back.

-- Frank Ahrens
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By Frank Ahrens  |  December 4, 2009; 10:14 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500, unemployment  
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Next: Truer U.S. unemployment rate drops to 17.2%

Comments

457,000 NEWLY unemployed americans file FIRST TIME unemployment claims last week (thru nov 28, 2009)

and it was a short week as offices were closed thursday and friday for thanksgiving

it is the policy of the wash po to never provide a link to the official source,

especially when the story is based soley upon the government report,

as this could confuse you with facts, and cause uncomfortable questioning of the team obama spin and cooked books.

for example, here is the opening of the official dept of labor release of dec 3, 2009:

" In the week ending Nov. 28, the advance figure for seasonally adjusted initial claims was 457,000, a decrease of 5,000 from the previous week's revised figure of 462,000"

here is the source:

http://www.dol.gov/opa/media/press/eta/ui/current.htm

457,000 newly unemployed amercians filing new claims in 1 week!!!obviously great news for team obama.

since the dec 3, 2009 report was too realistic, and americans are becoming savy to "jobs saved" propaganda, team obama made another report dated today december 4, 2009 claimimg only 11,000 jobs lost in the whole month of november:

"The unemployment rate edged down to 10.0 percent in November, and nonfarm
payroll employment was essentially unchanged (-11,000), the U.S. Bureau of
Labor Statistics reported today"

but the same report (dec 4) continued:

"The number of long-term unemployed
(those jobless for 27 weeks and over) rose by 293,000 to 5.9 million. The
percentage of unemployed persons jobless for 27 weeks or more increased by
2.7 percentage points to 38.3 percent. (See tables A-8 and A-9.)"

source:

http://www.bls.gov/news.release/empsit.nr0.htm

team obama--we expect you to be able cook the books better than this--rahm should be slapped

the problem for team obama is that unemployment claims filed are a hard number--it can not be manipulated absent direct fraud

and first time unemployment claims were 457,000 just for last week

Posted by: ProCounsel | December 4, 2009 10:27 AM | Report abuse

rahm cooks the books

scene: the dark recesses of rahms office, water slowly drips ominously in the background

nervous staffer: sir

rahm: you may speak

nervous staffer: the dept of labor published their report of 457, 000 NEW unemployment claims in just one week--thanksgiving week, 462,000 first time job loss claims the week before

rahm: thats a republican lie!!!

nervous staffer: sir, its on our dept of labor website dated dec 3, 2009 at

http://www.dol.gov/opa/media/press/eta/ui/current.htm

rahm: has it been reported yet in the mainstream media

nervous staffer: no master, it involves numbers and they don't understand or care

rahm: good. has the bureau of labor statistics reported yet?

nervous staffer: no, master

rahm: summons them. out.

scene: well dressed muscular men escort dishelved nervous bureau of labor statistics geek into rahms lair

rahm: so unemployment is down due to great leaders policies.

bureau labor geek: no sir, see every week more than 450,000 americans are filing new unemplyment claims--why just yesterday this was on the dept of labor web-

rahm: silence.

bring me the watch

you are getting sleepy, you will obey the rahm

next day:

gibbs: the bureau of labor statistics has confirmed that unemployment has been healed in november

the economist newspaper: sir, didn't first time claims equal 457,000 thanksgiving week and 462,000 the week before according to your own dept of labor website??

gibbs laughing: you have been overdosing on fox and limbaugh--

and besides does your green card from england permit you to question ME--

(muscular well dressd men grab the hapless economist reporter)

Posted by: ProCounsel | December 4, 2009 10:50 AM | Report abuse

I think this should be updated. The "surge" is over. Maybe the market realized that the unemployment rate dropped because the size of the workforce shrank by 100,000, indicating people may be giving up looking for work.

Posted by: GRILLADES | December 4, 2009 1:50 PM | Report abuse

Grillades,

If he updated this report then the Post.com would have to take down the Obama-positive headline on the front page that stocks have surged. And what's more important to the Post and Frank Ahrens, having the latest, up-to-date news or spreading the word (however false) about Obama.

Posted by: alvint | December 4, 2009 2:19 PM | Report abuse

The comments to this entry are closed.

 
 
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