The big jobs report came out this morning and it showed that the jobless rate jumped to 9.7% in August from 9.4% in July. Wall Street was expecting 9.5%.
The payrolls report showed that 216,000 jobs were lost last month which was a bit better than the consensus estimate of a loss of 230,000. Despite the unemployment rate rise, which is more of a political problem, the payroll report is good news. Since today is effectively a pre-holiday week, the market’s reaction may be muted a bit. Tuesday will be much more decisive.