The main economic report released Wednesday was the ISM Services data, or ISM non-manufacturing report. Although it was it was above 50.0, which shows overall growth in the sector, it is rapidly dropping from recent highs.
The median forecast of economists by Bloomberg was 57.4 with the most recent ISM Services reading of 57.3. The morning release showed activity in this sector of the economy plummeted to 52.8. The report showed that new orders collapsed by 11.4 points to 52.7, while the employment data fell too.
The market will get the latest data on weekly unemployment claims Thursday morning and the monthly non-farm payroll data Friday morning (both before the open). Recent numbers have shown pretty poor employment data considering this is supposed to be an economic recovery.
If a recent Rasmussen report is correct, the recent trend of disappointing data will continue. It said in part, The Rasmussen Employment Index, which measures workers’ perceptions of the labor market each month, regained five points in April after falling to a recent low in March. At 74.9, the Employment Index is up two points from a year ago and 11 points from two years ago. Yet despite April’s gain, confidence in the Labor Market is still down from the beginning of 2011.
Just 19% of working Americans now report that their firms are hiring while 25% say their firms are laying workers off. Those numbers are little changed from the month before. It has been nearly three years since the number reporting that their firms are hiring has topped the number reporting lay-offs.
Not to worry though, if these reports are also bad Benny & The Inkjets will just conjure up some free money out of thin air.
Trade Date: 5/2/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
|
Sign up as an AvidTrader Member to receive "The Technician" Value Area's each day. The market then has an 80% chance of filling the Value Area. Many traders familiar with the Value Area and the techniques that go along with it use it to help them decide what trades to do each day. Join and see how this technique can help you trade more successfully!
No comments:
Post a Comment