Morning Market Report 11/8/2013 | Beacon Rock Wealth Advisors

The KUIK Morning Market Report for Friday, November 8:

Markets are up.

Index	Direction	Change	Units	Last	Time	Change
Dow	Up	2	points	15,596	7:09 AM
S&P500	Up	0.31%	percent	1,753		5.41
Nasdaq Composite	Up	0.75%	percent	3,886		28.77
30 Year Treasury	Up	10	Basis Points	3.83	Annual Yield

The Labor Department reports the U.S. economy added 204,000 jobs in October, double Wall Street’s forecast. The government shutdown was expected to put a damper on hiring. September and August were revised upward by a combined 60,000 jobs. The unemployment rate ticked up slightly to 7.3% from 7.2% probably because of the shutdown. Federal workers would have been classified as unemployed under the government’s method for calculating the unemployment rate.

That strong jobs reports puts the “Dectaper” back on the table and makes it possible that the Federal Reserve could begin reducing its $85 billion a month in bond purchases as early as December.

However the Bureas of Labor Statistics reports the household survey showed a showed a 448,000 spike in the number of temporary layoffs in October, and the Bureau claims that figure is understated. September only had 25,000.

Consumer spending rose 0.2% in September, down from an unrevised 0.3% gain in August, according to the Commerce Department. Personal incomes rose a seasonally adjusted 0.5%, boosted by renewed payments to federal workers who had lost money due to furloughs.

Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/us-economy-adds-204000-jobs-in-october-2013-11-08

http://blogs.marketwatch.com/capitolreport/2013/11/08/temporary-layoffs-spike-448000-and-government-says-that-still-doesnt-capture-shutdown-impact/
http://www.marketwatch.com/story/us-consumer-spending-climbs-02-in-september-2013-11-08

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