The Labor Department's monthly unemployment report was even more disappointing than expected. Thankfully, stocks and exchange traded funds (ETFs) haven't dropped in response, but they're not moving up, either.
- The U.S. economy added just 39,000 jobs in November and the unemployment rate jumped to 9.8%. This is the longest stretch that the rate has been above 9% since World War II, QQQQ) is the best-performing major index so far today, up about 1%.
- Strength in Germany and France helped drive the eurozone's economy in November; the purchasing manager's index rose to 55. Any number above 50 marks growth. The two economies helped make up for trouble in debt-laden countries like Ireland, Portugal and Spain, Europe ETFs: Are They a Buying Opportunity?]
- The jobs report has certainly been good for one asset class: Treasury bond prices are ticking higher in response to the numbers, which seem to suggest that economic weakness will be the order of the day for some time to come, The Rush for Bond ETFs.]
- Silver prices are also powering ahead this morning, led by the Global X Silver Miners (NYSEArca: November's Top-Performing ETFs.]