The U.S. Labor Department releases one of the most closely watched economic barometers this morning: the monthly employment report.
It's the government's first estimate for the number of jobs created in the United States in August, and right now expectations are low, according to this New York Times story.
"Wall Street analysts have a median forecast of just a 60,000 net gain in nonfarm payroll jobs, about half of the gain from July,'' the NYT says. "The unemployment rate -- which comes from a different survey, and reflects the share of people who want work and are actively looking for it but can't find a job -- is expected to remain 9.1%."
The report is released at 8:30 a.m. ET. Consumers react strongly to news about rising and falling unemployment rates. That drives their spending, and the fortunes of all companies -- including Gannett.
Wall Street's view
Investors are especially sensitive to the report. Stock trading resumes today at 9:30 a.m. ET. Yesterday, GCI's stock closed at $11.18, down 37 cents, or 3.2%.
Changes in major newspaper publishers' shares so far this year vs. the S&P 500 index, according to Google Finance:
It's the government's first estimate for the number of jobs created in the United States in August, and right now expectations are low, according to this New York Times story.
"Wall Street analysts have a median forecast of just a 60,000 net gain in nonfarm payroll jobs, about half of the gain from July,'' the NYT says. "The unemployment rate -- which comes from a different survey, and reflects the share of people who want work and are actively looking for it but can't find a job -- is expected to remain 9.1%."
The report is released at 8:30 a.m. ET. Consumers react strongly to news about rising and falling unemployment rates. That drives their spending, and the fortunes of all companies -- including Gannett.
Investors are especially sensitive to the report. Stock trading resumes today at 9:30 a.m. ET. Yesterday, GCI's stock closed at $11.18, down 37 cents, or 3.2%.
Changes in major newspaper publishers' shares so far this year vs. the S&P 500 index, according to Google Finance:
- GCI: down 26%
- Lee Enterprises: down 74%
- Media General: down 80%
- McClatchy: down 67%
- New York Times Co.: down 19%
- E.W. Scripps: down 20%
- S&P 500: down 4.2%
Thanks, Craig and Gracia, for contributing to the high unemployment rate.
ReplyDeleteThe report is out, and it reveals a worse-than-expected zero net increase in jobs.
ReplyDeleteGCI recently traded down 5%.
The crap that these company execs spew to earn their big paychecks is nicely summarized by The Onion:
ReplyDeletehttp://www.theonion.com/articles/failing-us-economy-no-reason-at-all-to-stop-invest,21251/