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Fundamental News Summary

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US Session News Summary

Fri, Nov 6 2009, 21:17 GMT
by ecPulse.com analysis team

ecPulse.com

Canada Unemployment Rise

Canada released today the unemployment report for the month of October, whereas unemployment rose in October to 8.6% from the prior reported rise of 8.4% and above median estimates of 8.5%. Meanwhile, the change in Non-farm payrolls showed that employers shed in October 43,200 jobs following the prior added 30,600 back in September.

US unexpected gloomy unemployment rate

The US released its Unemployment rate for October showing an unexpected depressing incline as it came in at 10.2%; worse than the forecasted reading of 9.9% and the prior reading if 9.8%.

Whereas the Change in Nonfarm Payrolls came in at -190 thousand, which is worse than the predicted reading of -175 thousand and the prior revised reading of -219 thousand from -263 thousand and the Change in Manufacturing Payrolls dropped to -61 thousand; worse than the expected reading of -42 thousand and the prior revised reading of -45 thousand from -51 thousand.

US Average Hourly Earnings

US released its Average Hourly Earnings for October that rose to 0.3%; better than the expected reading and the prior reading of 0.1%, while the Average hourly earnings for the year ending October came in at 2.4%, which is better than the predicted reading of 2.2% but worse than the prior reading of 2.5% and the average weekly hours for last month came in at 33.0 inline with the prior reading but worse than the predicted reading of 33.1.

US Wholesales Inventories

The US released its Wholesales Inventories for September showing an incline as it came in at -0.9%; better than the forecasted reading of -1.0% and the prior reading of -1.3%.

US Consumer Credit

The US released its Consumer Credit for September showing a gloomy worsened deficit as it came in at -14.8 billion; worse than the forecasted reading of -10.0 billion and the prior revised deficit of -9.9 billion from -12.0 billion.

US Stock Market

The U.S stocks rose to the upside within the closing session despite the Jobs report of the world's largest economy showed that unemployment climbed further to the upside to come in at 10.2% from 9.8%; the highest level in 26 years, as the shares of General Electric Co. and Macy's Inc rose, while gold reached a record above $1.100 an ounce.

The Dow Jones Industrial Average index gained 17.46 points or 0.17% to close at 10023.42, The Standard & Poor’s 500 Index gained 2.67 points or 0.25% to close at 1069.30, The NASDAQ Composite Index gained 7.12 points or 0.34% to close at 2112.44.

Published on  Fri, Nov 6 2009, 21:17 GMT