CNBC's Rick Santelli breaks down the latest number on jobs, and discusses what it indicates about the economy and its impact on the markets, with Joel Naroff, Naroff Economic Advisors president and founder.
By NBC News wire services
Updated at 9:35 a.m. ET: Stocks slipped Thursday as data showing slowing growth in China and Europe, and weak U.S. employment figures, underscored the headwinds faced by the global economy even as central banks aggressively step up stimulus measures.
Manufacturing in China contracted for an 11th straight month in September, according to a private sector survey of factory managers; in the euro zone, a downturn in activity in the service sector steepened this month at the fastest pace since July 2009.
The number of Americans filing new claims for jobless benefits fell last week, but from an upwardly revised number the prior week, with the underlying tone of the report pointing to some weakening in the labor market.
Initial claims for state unemployment benefits slipped 3,000 to a seasonally adjusted 382,000. The prior week's figure was revised up to show 3,000 more applications than previously reported.
The data looked set to pressure stocks at the forefront of economic activity, such as miners and energy companies. U.S. crude eased on Thursday to trade under $92 a barrel, dropping for a fourth day, while copper slipped from 4-1/2 month highs. Shares of aluminum producer Alcoa fell 1 percent.
"Sell on the central bank news, I continue to say for now, as the reality of slowing economic and earnings growth, that was swept under the rug for a few months, pops back out again over the next month," Peter Boockvar, equity strategist and portfolio manager at Miller Tabak in New York said in a note.
Bank of America Corp is planning to cut 16,000 jobs by year-end as it speeds up a company-wide cost-cutting initiative amid declining revenues, the Wall Street Journal reported on Wednesday.
Reuters contributed to this report.
festivus festivus zeno melanie amaro new air jordans jeff dunham young guns
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.