February Jobs Report Boosts Dow Jones
February Jobs Report: US Unemployment at 9.7%
The US Department of Labor's February Jobs Report shows US unemployment steady at 9.7%, which actually boosted the Dow Jones. The expectation was a joblessness increase to 9.8%. The US economy lost 36,000 non-farm jobs last month, which is fewer than the expected 50,000.
The February Jobs Report also boosted shares of online job-search companies like Monster.com as people take the cue to look for new or more interesting jobs.
The February Jobs Report also boosted the Toronto Stock Exchange (TSX) by 114.16 points this morning, and the Canadian Dollar rose to US$0.974. A healthier (or at least non-worsening) US economy means more consumption, and Canada is the United States' largest crude oil supplier.
"I think this number will set the tone for the whole month," said Alan Valdes, head of floor operations at the New York Stock Exchange for Kabrick Trading.
Shares of Monster Worldwide and other staffing and job-search companies gained on the jobs report. Monster jumped 4% while Robert Half International climbed 3.8% and Manpower added 3.2%.