The markets struggled this week, on weaker than expected unemployment data that capped off an otherwise disappointing week. Worry that the economy may be slowing greater than previously expected and the uncertainty of current equity prices forced the broad market to loose steam.
This weeks snapshot:
DJIA- Down 104.22 or -0.86%
S&P500- Down 13.04 or -0.95%
NASDAQ- Down 19.83 or -0.84%
On Friday the monthly employment data was released showing 92,000 new jobs created in October, which was below than expectations. The semi-positive side of the employment data was that the overall rate of unemployment lowered from 4.6% to 4.4%. Although on the surface this seems positive having a lower unemployment rate, in reality it is of some concern that inflation may be tightening as the employment pool shrinks.
Crude oil fell $1.61 on the week loosing 2.65%, closing at $59.14 a barrel. This is positive news for the consumer and the economy if oil can stay below the psychological level of $60/ barrel.
It will be interesting to follow the markets in the near term and see how it responds to the pressure put on by various factors. If oil would happen to increase, we can expect to see equity markets retreat even further. Until next week have a productive and profitable week!