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Jobs Report Lower Than Expected

JOBS REPORT LOWER THAN EXPECTED-

  • The Jobs report came out: new jobs in August nearly 20% below expectations. Reports showed 151,000 new hires compared to economists’ estimates leading up to today’s report, at 180,000 new hires, though jobless rate is steady. As a result of the lower number of new hires, many are confident that the federal rate hike is out the window for September, the dollar advanced and 10 year US treasury yields rose 1.61% at the time of this writing. There are still a few who feel the rate hike is not only needed, but will happen in September, but over half believe that a rate hike is more likely in December.
  • Gold is up at $1329.40/ounce.
  • Silver rose 1.91 to $19.08/ounce.
  • Oil Prices rose to $44.84 a barrel following Putin’s declaration as Vladimir Putin announced he would like Russia and OPEC to clinch a deal to freeze supply. Meanwhile, China has been stockpiling oil at unprecedented levels for reasons strategists are split on their explanations.
  • Lululemon dropped after reported sales fell short of estimates. Tesla and Solar City faces a cash crunch after the merger filing made finances of both entities public.
  • Under Armour Inc. Chief Executive Officer Kevin Plank announced a plan to sell up to 2.1 million of his own Under Armour stocks shares, valued at over $72 million as of September 2, 2016.
  • Demand for faster Zika tests have exploded.
  • Euro-zone reported an increase in productions of 0.1 percent in July, which is a year-to-year decrease of 2.8 percent, the lowest since April 2016.

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