Tomorrow first time unemployment filers are released at 8:30 am EST with 419,000 being estimated. Friday the Unemployment Rate for May will be released with an estimated 8.9% expected.
Any negative deviations from these numbers should send the stock market stumbling just like today when the Dow was down 279.65 and the Nasdaq was negative 66.11.
Here are the leading financial stories for today:
1) Only 38,000 jobs were created in the private sector for May- From Bloomberg
Companies in the U.S. added fewer workers than forecast in May, a sign that job growth is struggling to gain momentum, data from a private report based on payrolls showed today.
Employment increased by 38,000 last month, the smallest increase since September, from a revised 177,000 in April, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey called for a 175,000 advance for May.
Such gains in employment are insufficient to help the world’s largest economy accelerate after a surge in food and fuel costs earlier this year. Businesses added 207,000 jobs last month after a 268,000 gain in April and the jobless rate dipped to 8.9 percent from 9 percent, economists project a Labor Department report to show in two days.
2) Stocks Plunge- From CNBC
Stocks sank more than 2 percent Wednesday, following several economic reports that confirmed a struggling recovery and after Moody's downgraded Greece's bond ratings deeper into junk status.
The Dow plunged 279.65 points, or 2.22 percent to close at 12,290.14.
The Dow and S&P have seen the biggest drops since August 11, 2010 and are now on pace for a fifth straight week of losses. The Nasdaq saw its worst first day of the month since October 2009. All 10 key S&P 500 sectors dropped, led by financials, materials and industrials.
3) Manufacturing falls to 53.5 ISM index in May-from CNBC
The pace of growth in the U.S. manufacturing sector tumbled in May, slackening more than expected to its slowest since September 2009, according to an industry report released Wednesday.
The Institute for Supply Management (ISM) said its index of national factory activity fell to 53.5 in May from 60.4 the month before. The reading missed economists' expectations for 57.7.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
Inspirational Quotes from Twitter @Inspire_Us .
One of the secrets of life is that all that is really worth the doing is what we do for others. -Levi Strauss
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