Stocks Trend Upwards on Jobs Data
Stocks continued to rise yesterday on moderate volume as people got ready to out for the long weekend on strength of a better-than-expected Labor Department report indicating 67k jobs added by private employers in August, 39% above the Thomson Reuters projected data. Chief economist at the Credit Union National Association, Bill Hampel, cited the 100k jobs figure as a comfortable floor however, projecting that it should even be over 150k to “feel confident we have a nice, sustainable recovery”. Institute for Supply Management data on the services sector indicated slowing growth on average expansion, disappointing expectations and reinforcing concerns about…