S&P 500 FINANCIALS INDEX
| Value 157.36 | Change -2.60 | % Change -1.6% |
MLPs keep bumping along, 10 points under the recent index high (today it's down 1+). The Dow Jones REIT index pulled back 3+. Junk bond funds were soft while the Treasuries found buyers. The 10 year Treasury rose, taking the yield down 4 basis points to 3.50%.
Alerian MLP Index --- 1 month
Dow Jones REIT Index --- 1 month
Gloomy news spread to oil, down 2+.
| CLQ09.NYM | ...Crude Oil Aug 09 | ...67.09 | ... 2.22.......(3.2%) |
467K jobs were lost in Jun, taking the unemployment rate up to a 26-year high of 9.5%. The economy's road to recovery may be bumpy. Job losses were deeper than the 363K expected. In addition, average weekly earnings dropped to the lowest level in nearly a year. However, the rise in the unemployment rate from 9.4% in May to 9.5% in Jun was less bad than feared (9.6%). Many economists still predict the jobless rate will hit 10% in 2009 & keep rising into next year. A total of 14.7M were unemployed in Jun. If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5%, the highest on records dating from 1994. The average work week fell to 33 hours, the lowest on records dating back to 1964.
•Payrolls in U.S. Decline More Than Forecast; Unemployment Climbs to 9.5%
This is a global recession, dreary unemployment news is not limited to the US. Unemployment in the 16 countries using the euro spiked to a 10 year high in May. Recovery will take time. Eurostat reported the unemployment rate was 9.5% in May, up from April's 9.3%. Over 15M were unemployed in May, up 273K from April's figure.
Unemployment news continued ugly. This was no great surprise, but when the data hits it still hurts. However, volume is extremely light. Next week's reaction will be more meaningful.
Dow Jones Industrials --- 1 month
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