Emini FuturesCast / The Daily Pod 10/07/11
October 7, 2011 at 4:46 PM The E-Mini S&P 500 blasted off on the higher than expected jobs data! Nonfarm payrolls were up 103,000 in September, partly attributed to the 45,000 Verizon Communications workers returning to work after a strike. That would leave about a 58,000 increase in employment. Regardless, the market bought it and perhaps eased any recession fears. The number of new jobs created each month should be about 125,000 per month just to stop unemployment from rising. US Consumer Credit was down by $9.50 billion in August below expectations of $7.75 billion. Consumers had adopted frugal spending habits while it was the US government that had been downgraded. Europe had further downgrades today on Spain and Italy’s credit ratings by Fitch’s credit rating agency. Moody’s credit rating agency had put Belgium’s credit rating up for a potential downgrade. Earlier this week, it had seemed as though the European Central Bank, the IMF...
