CNNMoney�"s Hour-Later Employment Report Reax: ��Better Than Expected�"
Monday, June 8, 2009
It doesn�"t seem like it would be too much to ask CNNMoney�"s headline e-mailers to read past the first sentence of a government announcement. But, maybe it is.
Here is the first two sentences of the Employment Situation Report from Uncle Sam�"s Bureau of Labor Statistics released this morning:
Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent.
Ahead of the 8:30 a.m. report, according to Reuters, Dow futures were up 54 points, while S&P and NASDAQ futures were up 5 and 5.75 points, respectively (the time-stamp is 9:22, but the narrative is clearly pre-8:30).
Just after the market opened, I received this CNNMoney e-mail:
But according to this AFP report, expectations were that �Semployers ⬦.. (will) have cut 520,000 jobs, down from 539,000 in April. But the unemployment rate is still expected to have jumped to 9.2 percent, its highest since 1983.⬝ Thus, today report was clearly a not-as-bad news, worse news result.
�SBetter-than-expected⬝ is obviously only half true, indicating that an hour after the employment report�"s release, the intrepid folks responsible for generating the CNNMoney e-mails either hadn�"t read the BLS�"s second sentence, or didn�"t think we needed to know about it.
As to stocks �Ssoaring,⬝ the Dow, S&P and NASDAQ went up about 88, 10, and 16 points, respectively, in the first 10-15 minutes after the opening. Except for the NASDAQ, the majority of the early gains were already built-in ahead of the employment report. As of this writing, today�"s indices are below where the futures were just before 8:30.
Soar, schmoar.
Cross-posted at NewsBusters.org.
CNNMoney�"s Hour-Later Employment Report Reax: ��Better Than Expected�"
[Source: Good Times Society]
posted by tgazw @ 3:39 AM,
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