U.S. stock futures advanced early Friday morning, indicating stocks could start higher -- for now. At 8:30 a.m., the much anticipated government jobs report data will be released , which then could affect the direction the markets are headed in a trading session many expect to have light volume ahead of the long weekend.An hour before the open, the Labor Department is expected to report August jobs data. Economists expect the unemployment rate to have increased to 9.5 percent from 9.4 percent in July, as employers cut 225,000 nonfarm jobs (after cut 247,000 jobs in July) despite the economy showing signs of stabilization and even improvement. And at least in the jobs market, things are going to get worse before they get better as most economists expect the unemployment rate to top 10 percent by early next year. And while a loss of a quarter million jobs is better than the first quarter losses of over half a million jobs per month, it is still many people added to the ranks of the unemployed.
Update 8:35 a.m.: Jobless rate jumped to 9.7% from 9.4 percent in July, as employers cut 216,000 jobs.
Overseas, world markets mostly rose Friday as investors looked ahead to the U.S. employment report for clues about the pace of recovery in the American economy.
Meanwhile, a meeting of finance officials from the world's 20 largest economies is starting Friday in London. Governments are expected to signal their commitment to boosting the global economy, but no doubt will acknowledge the recovery is expected to be slow at best. Also at the top of the agenda at the G-20 summit will be the issue of bankers' pay and bonuses.
Oil prices rose above $68 a barrel Friday ahead of the upcoming data out of the U.S. that could indication about the economy and therefore oil demand. Gold, meanwhile, steadied below $990 an ounce on Friday, following a strong two-day rally that took the market to within a touching distance of $1,000, with inflation concerns and jitters over stock market gains stoking investor interest.
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
Will Rich Ross really have a positive impact on Disney's movie operations?
Add your comments