Ahead of Market – The Job report came in.
Sorry for the late report, but I was trying to digest the data that is coming in, it is currently 10:29AM est, and stocks are going up. DowJones is at 14027.8, a gain of 53.49 nasdaq is up 17.87 at 2751.44, and the TSX rose 11.96 points to 14137.07.
The Canadian to US dollar exchange rate is 1Cdn = 1.0142 USD.
The job report is out, 110,000 Jobs was added last month, however, Jobless rate continued to rise to 4.7 Percent.
Now, the question will be, how would the market react to this? Many are puzzled, because if that many jobs are introduced, how can the jobless rate increase?
I believe this is another sign of an upcoming recession. Where we’ll see a sudden increase in jobless rate.
Not to mention, the Canadian Dollar is still higher then the U.S. dollar, this would increase the U.S. Economy’s first level manufacturing cost, since most of the Canadian goods exported to the States are used in this manner anyways.