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Thursday, May 31, 2012

Early read on pending jobs report is not good - which is good news for gas prices

The data coming out this morning was somewhat mixed, even tepid, which has likely lowered expectations for tomorrow morning's jobs report. The initial weekly jobless claims jumped to above 380,000, which is still at a really good place, but the jump could be a signal of weaker hiring going forward. This morning's ADP private sector jobs report showed that 133,000 were created last month, which is better than previous months but far from outstanding. Also, the number of announced layoffs is at an 8-month-high. What does that mean for the national unemployment rate that will be released in the morning? Your guess is better than mine.

The silver lining? Oil prices have continued to drop, which means your fill up at the gas pump will continue to get cheaper.

But that silver lining might not be so rosy, either, given that some important economies around the world are experiencing slowdowns, which could be bad for the overall global economy.


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