STOCKS FINISH FLAT AFTER A LUKEWARM JOBS REPORT: Here's what you need to know
(Reuters/Jason Reed)
Stocks finished more or less flat after a lukewarm jobs report on Friday.
The Dow finished slightly in the red, while the S&P 500 and the Nasdaq scraped into the green late in the afternoon.
First up, the scoreboard:
Dow: 19,170.42, -21.51, (-0.11%)
S&P 500: 2,191.95 +0.87, (+0.04%)
Nasdaq: 5,255.65, +4.54, (+0.09%)
WTI Crude: $51.59, +$0.53, (+1.04%)
1. The US unemployment rate tumbled to a 9-year low of 4.6%, according to the latest jobs report from the Bureau of Labor Statistics. Meanwhile, nonfarm payrolls grew by 178,000, fewer than economists had expected.
2. Wage growth disappointed. Average hourly earnings unexpectedly fell by 0.1% from October; they grew by 2.5% year-over-year, well below Bloomberg's consensus economists' expectations for a continued 2.8% growth rate.
3. Labor force participation ticked down to 62.7% from 62.8% in October. In recent months, the labor-force participation rate has mostly ticked up or held steady, possibly indicating a tightening labor market as people who were previously discouraged from looking for work move back into the labor market.
4. Friday's jobs report showed its still tough for unemployed Americans. The average length of unemployment as of November was 26.3 weeks. That number is tied with September 2015, but is far higher than in August 2007, the most recent date when unemployment was at similar levels.
5. Donald Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more. Private-equity giant Blackstone said on Friday that its CEO, Steve Schwarzman, would head a group of business leaders to "frequently" advise the President-elect on economic matters.
6. The US oil rig count jumped for the 5th straight week, rising by 3 to a total of 477. One gas rig was brought online this week, taking the total to 119. With one miscellaneous rig remaining in use, the combined tally increased by four to 597.
ADDITIONALLY:
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