Posted on 05/03/2019 6:22:12 AM PDT by Red Badger
U.S. stock index futures moved higher on Friday morning as data showed U.S. job creation was stronger than expected in April.
Dow futures rose 112 points, indicating a gain of about 110 points at the open, following the release of the better-than-expected jobs report. The Nasdaq Composite is set to open 40 points higher, while futures on the S&P 500 were also higher.
The U.S. added a robust 263,000 new hires in April while the unemployment rate fell to 3.6%, the lowest since December 1969, according to a Labor Department report Friday. The nonfarm payroll growth far outpaced Wall Street expectations of 190,000 and a 3.8% jobless rate, according to Dow Jones estimates.
“It was definitely a strong number without a doubt,” said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. “The average for the last three months has only been around 164,000, so it’s way above that.”
Job creation posted a solid rebound in March with nonfarm payrolls expanding by 196,000 after February’s jaw-dropping gain of just 20,000.
The gains in the stock market followed two straight days of losses driven by Federal Reserve Chairman Jerome Powell’s comments Wednesday on low inflation pressures being “transitory.” The comments lowered the odds of an insurance rate cut, which disappointed investors.
There will also be a slew of speeches from Fed officials. Chicago Fed President Charles Evans will speak at 10:15 a.m. ET and Fed Vice Chair Richard Clarida will address an audience at 11:30 a.m. ET.
Unexpected! Drink
All thanks to Obama!
Golly!
When Obama was president all the unexpected news was bad.
We are approaching Roaring 20s levels of unemployment, which hit the 2% range consistently for a decade.
Let’s hope it doesn’t end like the 20’s...................
To this day, economic historians cannot say definitively what caused the Great Crash.
The latest research-—and I reviewed this again for the 15th Anniversary Ed. of Patriot’s History of the United States-—says that the economy was already slowing down 6 months out (true), that the technology of the ticker tape, which ran hours late contributed to the panic (also true-—when the first big drops occurred, brokers and professionals panicked and had no way of knowing if it would correct), that the certainty of the Smoot-Hawley becoming law (key vote the day before) triggered a lot of sell-off (likely), and that companies, seeing Smoot-Hawley coming, began to sell some of their own stock to get liquid (likely).
The market recovered 50% of its loss within a year, but by then Herbert (Mr. Progressive) Hoover had imposed a check tax, further slowing down the economy. And don’t forget, the Fed was squeezing cash out at this very time. The money supply fell by 1/3 from 1929-32, greatly exacerbating the losses.
This was a good week.
It was a combo of many things, the Fed and the Government and the panic.......................
Time for the R-campaigns to start saying, “What’s in YOUR wallet. Vote Republican!”
We used to have to wait for the monthly corrections. This is the Trump correction numbers.
“Who’s in YOUR wallet?” would be more apropos...................
Another nail in the Democrat coffin.
Trump isn’t a second Hoover, whatever else is going on.
Before this report, my wife who seldom reads about this, looked at the reports on our IRA’s through April.
In spite of some fairly heavy required minimal monthly withdrawals, (5 withdrawals, YTD, our 3 IRAs are basically ahead of the first of the year.
Then, we got the 1st quarterly report from the those monitoring the retirement benefits and health benefits from the umbrella of several companies covering my retirement. The net $ increase in spite of paying out monthly pensions and health care costs for retirees and active employees was outstanding.
Cue the negative trolls on FR to tell us that this isn’t happening or will stop.
“Let’s hope it doesn’t end like the 20’s...................”
Elect Biden and any of the tax and tax rat candidates, and we will end up worse than the 20’s.
Or we can support and re elect our president and gain control of Congress to support his goals not the Deep State’s.
It’s definitely happening. I’ve been able in the past two years to install a full new AC system; a water softener; improve our pool; re-do our yard; and pay off ALL but one medical credit card without my retirement even moving.
Idiot reporter on CNBC this Tuesday was calling the President a liar and accused him of making up statistics about the Economy. Surprised CNBC reported good news on employment without adding a “but”...
“Another nail in the Democrat coffin and more wooden stakes driven into the evil hearts of the Rats in DC.
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