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Author Topic: U.S. Job Growth Moved At A Snails pace In May  (Read 570 times)

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U.S. Job Growth Moved At A Snails pace In May
« on: June 03, 2011, 02:44:38 PM »
Daily Market Commentary for June 3, 2011

Unemployment rate is highest seen since December.
(read more at Millennium-Traders.Com)

Markets traded to the downside throughout the trading session. DOW was on track for its 5th straight weekly drop. On a positive note, the leader of a group of European finance ministers reported new aid for Greece would be approved. In Athens, stocks rose after Greece’s finance ministry said discussions with representatives of the European Commission, the European Central Bank and the International Monetary Fund concluded positively, to the bailout of Greece. Greece has made commitments to accelerate a privatization program to raise about 50 billion Euros ($72 billion) by 2015. Per the IMF, ECB and EC, known collectively as the “troika” expect the Greek economy to stabilize by the new year.

Quiksilver (NYSE: ZQK) was hosting a gain of 19%, into mid-afternoon trading after posting an increase in Q2 profit that surpassed Wall Street expectations.

Air Methods (NasdaqGS: AIRM) posted gains of 17% by mid-afternoon after reporting they would buy Air Holdings Corp. for $200 million.

American Tower (NYSE: AMT) was lower by 4% by mid-afternoon trading after reporting they received a subpoena from the SEC asking for documents between 2007 and 2011 related to tax accounting and reporting practices.

Cascade (NYSE: CASC) was higher by 21% by mid-afternoon after reporting Q1 earnings that beat Wall Street’s expectations.

GT Solar International (NasdaqGS: SOLR) was higher by 13% by mid-afternoon after reporting an order valued at $460.4 million for advanced sapphire crystallization furnaces, was received.

Economic data released today:

Nonfarm Payrolls: U.S. May Government Payrolls -29K; U.S. May Federal Payrolls +1K; U.S. May Manufacturing Payrolls -5K; U.S. May Service-Producing +51K; U.S. April Payrolls Revised to +232K from +244K; U.S. May Nonfarm Payrolls +54K vs. Consensus +160K.

Unemployment Rate: U.S. April Unemployment left Unrevised at 9.0%; U.S. May Unemployment Rate 9.1% vs. Consensus 8.9%.

Private Nonfarm Payrolls: U.S. May Private Payrolls +83K.

Average Hourly Earnings: U.S. May Average Hourly Earnings +$0.06 to $22.98.

Average Weekly Hours: U.S. May Overall Workweek Unchanged at 34.4 Hours.

ISM Non-Manufacturing Index: U.S. ISM May Non-Manufacturing New Orders Index 56.8 vs. April 52.7; U.S. ISM May Non-Manufacturing Prices Index 69.6 vs. April 70.1; U.S. ISM May Non-Manufacturing Employment Index 54.0 vs. April 51.9; U.S. ISM May Non-Manufacturing Business Index 53.6 vs. April 53.7; U.S. ISM May Non-Manufacturing PMI Expected 54.0; U.S. ISM May Non-Manufacturing PMI 54.6 vs. April 52.8.

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