Credit: Shutterstock photoStocks are up moderately in mid-day trading after getting a boost from better-than-expected employment data showing the jobless rate fell to 8.6% - the lowest level in two years.
This morning, the Labor Department said the U.S. gained 120,000 jobs in November and the unemployment rate fell to 8.6% from 9.0%. The government also revised jobs data for October and September to show that 72,000 additional jobs were created over the two months. Private-sector hiring in November reached 140,000, the agency calculated.
Economists surveyed by MarketWatch had forecast a 125,000 increase in employment in November and no change in the jobless rate. About half of the drop in the unemployment rate stemmed from a decline in the number of workers in the labor force, government officials explained.
Overseas, German Chancellor Angela Merkel in a speech reinforced the view that European leaders are prepared to take major action at a Dec. 9 summit toward tighter fiscal union. Merkel called for a quick round of treaty changes that would allow closer fiscal coordination, MarketWatch reported.
In mid-day company news:
BP ( BP ) ADRs are higher while the company's Chairman, Carl-Henric Svanberg, will be taking a non-executive position at Volvo AB.
Research in Motion ( RIMM ) shares are sliding after the company said it would take a $485 million charge. The maker of the BlackBerry said it would record a pre-tax provision in Q3 of fiscal 2012 of approximately $485 million, $360 million after tax, related to its inventory valuation of BlackBerry PlayBook tablets. The charge is expected to be predominantly non-cash. The company no longer expects to meet its full year adjusted diluted earnings per share guidance of $5.25-6.00.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
