The KUIK Morning Market Report for Friday, February 3:
Markets are up.
Index
Direction
Change
Units
Time
Dow
Up
136
points
20,021
7:08 AM
S&P500
Up
0.5%
percent
2,292
Nasdaq Composite
Up
0.3%
percent
5,651
30 Year Treasury
Unchanged
–
Basis Points
3.08
Annual Yield
The Labor Department reports the US created 227,000 new jobs in January. It was the largest gain in four months. Economists expected only 197,000 new nonfarm jobs. The unemployment rate rose 4.8%, mostly because more people were looking for work. Hourly wages rose 0.1% to $26 an hour. Wages have climbed 2.5% over the past year. The Labor Foce Participation rate was 62.9%, the best in four months. Those Americans not in the labor force fell by 736,000.
The service sector grew at a strong rate in January but a touch slower than the prior month and slightly below Wall Street expectations. The Institute for Supply Management said Friday its non-manufacturing index fell 0.1 points to 56.5%, below economists’ expectations of 57.2%. A separate report from Markit showed a rise to 55.6 in January, the best level since Nov. 2015. Readings above 50 indicate improving conditions.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
