Futures are pointing towards a strong open this morning after U.S. employers cut a smaller than expected 36,000 jobs in February, leaving the unemployment rate unchanged at 9.7%. However, it was unclear how much the snow had impacted payrolls.[caption id="attachment_4500" align="aligncenter" width="450" caption="Courtesy of Econoday.com"][/caption]
The Labor Department said job losses for December and January had been revised to show 35,000 fewer jobs lost than previously reported.
Wall Street had expected non-farm payrolls to drop 50,000 last month and the unemployment rate to edge up to 9.8%. Some pencil pushers thought the snow would cause a huge drop in payrolls. However, the Labor Department said while the winter storms might have affected payrolls, it was difficult to quantify the net impact on employment.
The bulls took the news and ran with it. Before the report, the Dow futures were up 26 but quickly doubled.
As we head to press, Dow futures are higher by 51 to 10,482 while the S&P 500 futures are up 7 1,129. The Nasdaq 100 futures are up 11 to 1,870. We have a lot to cover in our Members Area this morning including another NEW trade. Current subscribers, check for the updates.]]>