Futures Rally After Jobs Data; Rate Hits 7.8%
October 5, 2012 Leave a Comment
U.S stock index futures added to gains Friday, after the S&P 500 logged its 4th-straight win streak, after the government jobs report added slightly more positions than expected.
Employers added 114,000 jobs in September, according to the Labor Department, and the unemployment rate fell to 7.8 percent, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election.
Economists polled by Reuters forecast non-farm payrolls rose by 113,000 in September, versus 96,000 in August.
“Everyone’s focused on the rate dipping below 8 percent—it’s not a magical number…it doesn’t make people feel better about the economic situation,” said Todd Schoenberger, managing principal at The BlackBay Group. “September is historically a strong month for jobs and the headline number was a complete disappointment.” READ MORE