August Jobs: Market Happenings for Friday, September 07, 2012

Premarket, futures are up. Gainers this morning include CTXS (+4.26%), CLF, FSLR, KR, X while losers include INTC (-2.49%), NVDA, APOL, AMAT and KFT.

The Market

August jobs came in at 96,000 vs 125,000 expected. The unemployment rate came down to 8.1% from 8.3% due to less people seeking employment. There were also revisions to June and July data to show 41,000 fewer jobs created than previously reported. The labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.5 percent, the lowest since September 1981.

The jobs numbers are particularly important to investors this month, since it will likely influence the Federal Reserve’s decision on whether to announce more quantitative easing at the conclusion of its next meeting on Sept. 12-13. Maybe we get some QE3.

Intel cut its Q3 revenue forecast and is down this morning.

European stocks are up and Asian markets ended up.

The national average price of gasoline is down one-tenth of a cent to $3.822 per gallon.

Earnings Reports

Earnings reports (estimates): KR-Kroger ($0.49), LULU-Lululemon (0.31), BRC-Brady Corp (0.52), CMVT-Comverse Tech (0.08).

Financial Calendar

0830 ET Aug nonfarm payrolls expected +125,000, July +163,000. Aug private payrolls expected +139,000, July +172,000. Aug manufacturing payrolls expected +10,000, July +25,000. Aug unemployment rate expected unch at 8.3%, July +0.1 to 8.3%.

0830 ET Aug avg hourly earnings all employees expected +0.2% m/m and +1.8% y/y, July +0.1% m/m and +1.7% y/y. Aug avg weekly hours expected unch at 34.5, July unch at 34.5 hours.

0830 ET USDA weekly exports.

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