Another Lackluster Jobs Report

Premarket, futures are down on a weak jobs report. Gainers this morning include JDSU, CCL, SWN, NFLX and BBBY while losers include PNC, WMB, FFIV, CTXS and WY.

We will get to here what President Obama thinks about the jobs report as he speaks today at about 10:40 am ET.

The Market

The Labor Department said non-farm payrolls expanded by just 80,000 jobs in June, falling short of forecasts for 100,000. The data raised pressure on the Federal Reserve to do more to boost the economy. The unemployment rate stood pat at 8.2%.

European stocks were slightly lower in afternoon trading and Asian markets again ended mixed.

The national average price of gasoline jumped two cents to $3.358 per gallon. Guess its time to gouge the consumer during the summer driving season.

Earnings Reports

Earnings reports: None today, however Alcoa (AA) kicks off earnings season on Monday (07/09/2012) after the close.

Financial Calendar

0830 ET June non-farm payrolls expected +90,000, May +69,000. June private payrolls expected +100,000, May +82,000. June manufacturing payrolls expected +8,000, May +12,000. June unemployment rate expected unchanged at 8.2%, May +0.1 to 8.2%.

0830 ET June average hourly earnings expected +0.2% m/m and +1.7% y/y, May +0.1% m/m and +1.7% y/y. June average weekly hours expected unchanged from May at 34.4 hours

UPDATE: The Dow starts down -120 plus points with only one component higher, McDonalds (MCD).

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