This report was released this morning which looks like it sent stocks tumbling. I am not certain why the stock market reacts to this – was their really expectations that the unemployment rate changed? Really?
Again, this is a very important figure for the housing market both nationally and regionally here. This report is the national unemployment report:
Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major industries changed little over the month. Health care continued to add jobs, and a decline in information employment reflected
a strike. Government employment continued to trend down, despite the return of workers from a partial government shutdown in Minnesota.
The number of unemployed persons, at 14.0 million, was essentially unchanged in August, and the unemployment rate held at 9.1 percent. The rate has shown little change since April. (See table A-1.)
CalculatedRiskBlog does great graphs on this data:
- Hennepin County & Minneapolis/St. Paul, Minnesota Unemployment Rates August 31 2011 (craigkamman.wordpress.com)
- With The Jobs Report Looming, Mortgage Rates May Rise (clewismortgage.wordpress.com)
- JOBS PREVIEW: Another Weak Report (businessinsider.com)