When Will Jobs Materialize? Strong Earnings, But Few New Jobs

August 6, 2010  |  

(Smart Money) — GOOD MORNING. Stocks in Asia closed mixed today, European shares are mostly up, and U.S. futures are pointing to a mixed open. More disappointing news about the job market is expected today. The Bureau of Labor Statistics is scheduled to release the national unemployment rate for July at 8:30 a.m. Economists polled by Briefing.com expect a slight increase to 9.6% from 9.5% in June. So far, the unemployment rate has been above 9% for every consecutive month since May 2009. Private sector hiring will rank among the most significant factors in today’s report with Wall Street looking for signs of whether corporate America is starting to spend more heavily on new employee recruitment. The focus on the private sector underscores the role of job creation in the recovery, where more hires spurs consumers to spend.

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