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

Stocks sink following surprisingly bad jobs data

Stocks are down at opening following today's surprisingly bad December unemployment numbers.

In the first 15 minutes of trading, the Dow is down about four-tenths of 1 percent.

The broader S&P 500 is down by the same amount and the Nasdaq is down a little less.

The national unemployment rate remained unchanged at 10 percent in December, but employers cut 85,000 jobs, well more than expected, depressing stocks.

As I do each month, I'll be diving into unemployment data later today and getting at the numbers that show the truer picture of joblessness in the U.S. So check back later.

-- Frank Ahrens
Follow me on Twitter at @theticker

By Frank Ahrens  |  January 8, 2010; 9:52 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500, unemployment  
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Next: Truer unemployment rate rises to 17.3%

Comments

Stocks are a stinker with a stinker job report

Posted by: robinhood2 | January 8, 2010 10:25 AM | Report abuse

1. 85,000 job lost tells me there is an economy recovery. With postive economic growth using negative integers, there is an economy recovery. Lockheed Martin a bellweather Defense Contractor sheds 1200 jobs who income is the basis of 95 percent contracted revenue coming from the GOVERNMENT. Now, is there a recovery.
2. This country needs a New Deal, a national employment and job training act to create jobs for now and the 22nd century. Simply put, the American Workforce is the economy, simply put. Our Workforce must be rearmed and retooled to combat the evils of welfare and poverty. A national employment act is required, now.

Antonio the Sun
The Proletarian

Posted by: sterlinggo1 | January 8, 2010 10:31 AM | Report abuse

Why is it that even during recessions, the Press will report sales are up in the month of December, a holiday season whereby traditionally, "sales are up" ? I suspect in survival mode, inventories will be down while sales are up so that businesses can just about break even. This month we will hear if retailers with a temporary workforce made any profits, or not ?

Would not expect any job growth past temporary seasonal employment gains through the month of December into January, contrary to end of the world predictions, it's cold outside. Of course you all have broken the Bush43 rule of "never say anything bad about the economy". Always remember in public, "The economy is fundamentally sound". Truth hurts, so try to always sing, "Happy days are here again". At least that way, we could try to put on a buying run on Wall Street if only for a couple of days ?

I think that rather than creating illusions of economic good health, creation of good foundations for short and long term growth is necessary if politics does not get in the way of progress but that's just me.

Posted by: truthhurts | January 8, 2010 11:23 AM | Report abuse

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