Markets opened weaker, Dow dropped 123.
The news on unemployment is getting worse. 250K jobs were lost last month, worse than expected. The report comes from ADP, not official gov figures, but a gloomy sign for the gov report on Fri which is expected to show an unemployment rate of 6.8%.
•Payrolls in U.S. Shrank 250,000 in November, More Than Forecast, ADP Says
US auto sales fell sharply last month & continues weak, auto companies are begging for emergency loans in the next few weeks. Foreign companies also have lower sales. Toyota (TM), billed as the largest auto company in the world, is cutting management bonuses, closing plants for 2 days at the end of the month & will cut production next month. These cuts are necessary because sales in Japan are down, 23% in Nov alone.
Toyota to Cut Bonuses Amid Reports of Output CutsGloomy unemployment news & worries about auto makers can be a drag on the markets today.
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