This morning's employment report from the Department of Labor delivered a disappointing non-farm payrolls gain of 115,000 jobs added in April. Investors expected the report to show around 170,000 non-farm payrolls added. The unemployment rate fell to 8.1% (investors expected 8.2%), as 342,000 workers dropped out of the labor force.
Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing. The report states, "The number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.1 million in April. These individuals made up 41.3 percent of the unemployed. Over the year, the number of long-term unemployed has fallen by 759,000."
Juli says: The report is expected to weigh on the U.S. stock market this morning and result in a "risk-off" atmosphere for the market as traders' concerns about the U.S. economy are somewhat renewed.
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