Update: Much lower than expected DOW futures up sharply over 100…Market Mover Friday: May Jobs Report release 8:30 am EST…

Breaking….

Unemployment rate is 9.4%, highest since August 83, 14.5 million people unemployed

Smaller than expected 345,000 jobs lost in May…. WELL below estimate of 500k, something is verry wrong with this number, revisions will be pure hell next month, I call BS..The 10 yr is on a tear now, yield just hit 3.86, this does not help the Fed…hey take good news where we can I guess, but I dont believe it….Oil just crossed 70 bucks…

See CNBC I have a date with a laser this morning, autoposts for the day…TGIF!

Mrs. MiM is having surgery this morning so she can add Six Million Dollar man vision to her Jamie Sommers like hearing, go to CNBC.com here for the job figures when they are released..Auto posts for the next few days…TGIF

CNBC Stock Market Insider:

…The May employment report, released at 8:30 a.m. Friday, is expected to show a reduction of another 525,000 non-farm payrolls last month, and an unemployment rate of 9.2 percent. If there were new jobs last month, they were added by the government, which hired 60,000 census workers in April.

As bad as it is, this could be the best showing in six months. “Anecdotally, firms are saying things are still really bad but not as bad as the first part of the year. It looks like the worst of it occurred in the first quarter. It’s really a question of how these numbers taper off in the next few months,” said Stephen Stanley, chief economist at RBS Greenwich Capital….

By leathertuskadero

June 5, 2009. Tags: , , , , , . Labor Department, Unemployment Statistics, Wall St.

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