U.S. Labor Department release of November employment report showed non-farm employment in Central than in October significantly lower than the incremental, but does not and the market expectations, while the unemployment rate increased to 9.8% qoq. The poor jobs data raised investors again worried about the global economy, most European stock markets weakened on Friday, the Dow Jones industrial average fell 16.04, or 0.1 percentage points.
Prior to this, in November U.S. sales of consumer reports and the automotive industry reported a general increase, as expected. This makes the market believes that the labor market has stabilized, employment growth is picking up. Economists forecast in November the United States will add 145,000 jobs, but in fact the unemployment rate rise, not fall, several months from 9.6% to 9.8%, the actual increase of only 39,000 jobs.
This week, Fed Chairman Ben Bernanke of business leaders attending the Conference, Ohio, said that employment is the Fed's top priority now work. In this regard, Naroff said: "I do not think the second round of quantitative easing will be more effective. But today the weakness of the report will prompt the Fed to quantitative easing from two to disentangle the debate that more monetary stimulus necessary, thus speeding up the implementation of the policy. "
Naroff that the current decline in the manufacturing sector weakness led to the construction industry, real estate slump hinders market development. Although the government provides funds to help the temporary employment, health care and food and beverage industry, but the state government is still facing enormous financial pressure and had to cut spending. This makes the employment situation can not be fundamentally improved.
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