The market had a short trading week. On Tuesday May 31, 2011 the Dow Jones opened at 12443.40 and Closed on Friday June 3rd, 2011 closed at 12151.26. So we fell 292.14 points for the week.
There was so much bad news that helped the market fall.
Here is a chart on the data from Bloomberg. The key point is the huge miss in highering. The numbers came in dismal vs. an already low expectation and the ugliness is compounded by the revision lower for last month.
|Prior||Prior Revised||Consensus||Consensus Range|
|Nonfarm Payrolls – M/M change||244,00||232,000||170,000||90,000 to 200,000||54,000|
|Unemployment Rate – Level||9.0 %||8.9 %||8.7 % to 9.0 %||9.1 %|
|Average Hourly Earnings – M/M change||0.1 %||0.2 %||0.1 % to 0.2 %||0.3 %|
|Av Workweek – All Employees||34.3 hrs||34.4 hrs||34.3 hrs||34.2 hrs to 34.3 hrs||34.4 hrs|
|Private Payrolls – M/M change||268,000||251,000||180,000||115,000 to 225,000||83,000