Despite weaker than expected job growth, unemployment dipped slightly this week, matching levels last seen in December of 2008. However the news is not all good as the dip appears to have come from many Americans giving up on looking for a job altogether. Meanwhile, the Department of Labor also revised the June and July job growth numbers lower by a total of 74,000 jobs.
Traders have reacted positively amid optimism that the weaker than expected job growth will lead the Federal Reserve to once again delay its decision to begin tapering its stimulus program…so much for all that talk about rising interest rates.
- Stocks May Move To The Upside Following Jobs Report – U.S. Commentary – (Nasdaq.com)
- NonFarm Payroll & Taper & Fed, Oh, My! – (The Big Picture)
Also in trading news this week, China re-launched trade of its treasury bond futures, 18 years after banning it following a multi-billion-yuan trading scandal. The trading was halted in 1995 because of an illegal trading scandal, which led to multi-billion-yuan losses and bankruptcy of the nation’s largest brokerage. – (Economic Times)
Finally, the PFG bankruptcy has taken on a new twist after a judge ruled Friday that Russell Wasendorf Sr. can face questions from his son and US Bank – (Wall St. Journal)
Just for Fun
- Company Offers Fantasy Football Insurance – (CBS)
- Khan Academy: The future of education? (CBS News)
- Man Captures The Moment He Was Struck By Lightning On Video (YouTube)
- Elon Musk Shows Off His Crazy Iron Man-Inspired 3D Modeling Setup – (TechCrunch)
- Bitcoin Mania Grips China (Bloomberg)