US Nonfarm Payrolls for April 2010 came in showing a gain of 290,000 jobs. The unemployment rate ticked up to 9.9 percent from 9.7.
Despite the fact that this sounds like positive news, the uptick in the unemployment rate is what caught my eye. It’s great to see such a highly positive jobs number, but apparently unemployment is still outpacing job gains.
The market reaction was nil. I think that the markets are still recovering from yesterday when we had a “trading error” that magically copied it’s effects to markets globally.
Despite what looks like good news for the US, I would stay with caution as right now, we don’t know what caused yesterday’s crash, and there are no good answers that would make anyone comfortable.
Despite the fact that this sounds like positive news, the uptick in the unemployment rate is what caught my eye. It’s great to see such a highly positive jobs number, but apparently unemployment is still outpacing job gains.
The market reaction was nil. I think that the markets are still recovering from yesterday when we had a “trading error” that magically copied it’s effects to markets globally.
Despite what looks like good news for the US, I would stay with caution as right now, we don’t know what caused yesterday’s crash, and there are no good answers that would make anyone comfortable.
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