The KUIK Market Update for Friday, February 5:
Markets are down.
Index Direction Change Units Time
Dow Down (176) points 16,241 8:00 AM
S&P500 Down -1.3% percent 1,891
Nasdaq Composite Down -2.1% percent 4,413
30 Year Treasury Up 2 Basis Points 2.72 Annual Yield
The Labor Department reports the U.S. created 151,000 new jobs in January, slowing down a strong November and December. Economists expected 180,000 nonfarm jobs. The unemployment rate fell below 5% for the first time in eight years, dropping to 4.9%. Average hourly wages jumped 0.5% to $25.39, a sign that a tightening labor market is forcing companies to pay more to attract workers. Hourly pay rose 2.5% from January 2015. The average work week rose 0.1 to 34.6 hours, matching a postrecesion peak. The labor-force participation rate was flat at 62.7%.
Yesterday the White House announced that President Obama will propose a $10-a-barrel tax on oil to pay for clean transportation projects. The tax will be part of the budget request that the president will send to Congress next week. It would be paid for by oil companies and phased in over five years. It would add about 25 cents to the price of a gallon of gasoline at current prices and boost investments in clean transportation by 50% .
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/us-creates-151000-jobs-in-january-unemployment-49-2016-02-05
http://www.marketwatch.com/story/obama-proposing-10-a-barrel-oil-tax-to-pay-for-clean-transportation-2016-02-04?dist=afterbell
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