Futures Market News
Stock index futures climb, but economy sheds public-sector jobs
Jul 02, 2010 10:18 AM
U.S. stock index futures trended moderately upwards on Friday morning, while data from the Labor Department showed a decrease of 125,000 jobs in payrolls across the nation. Most of the decrease came from 225,000 temporary workers ending their work on the 2010 census, a phenomenon which is likely to continue piecemeal through the rest of the year. Almost 340,000 workers remain employed by the Census, but they will all be gone by the end of the year.
The jobless rate also fell from 9.7 to 9.5 percent, largely reflecting a shrinking labor force.
However, some good news came from an increase in manufacturing payrolls, which rose by 9,000 jobs in June. Private companies as a whole added 83,000 jobs.
Just before trading, futures on the Dow Jones Industrial Average Index rose 23 points to 9,685. Nasdaq futures were up 8.25 points at 1,735.26, while the S&P 500 futures were 2.80 points to 1,024.60.
It was unclear, however, whether the markets would be able to sustain those levels - over the past week, stock indices have repeatedly started positive and then fallen sharply in the first half-hour of trading.
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