AMERICA’S recession is likely to be long and deep if the latest employment numbers are anything to go by. America shed more jobs in November than in any month in the past 34 years, according to figures released on Friday December 5th by the Bureau of Labour Statistics. The fall in employment of 533,000 is far worse even the most pessimistic of forecasters had counted on. Not only are the job losses deeper than expected, workers have been shed across almost the whole of the economy. Health care and government employment were the only remaining bright spots.
With news like that, the stock market’s reaction should be obvious. But just in case you are one of those thick people who have yet to figure out the stock market we point you to this report from Yahoo….
Despite some of the worst jobs data in decades, stocks managed to finish the session with impressive gains after reversing early losses.
From its session low to its session high, the stock market moved from a loss of 3.2% to a gain of 4.1%. It closed with a gain of 3.7%.