As many analysts were expecting, today's release of job data showed that the less jobs were shed in July than Wall Street had anticipated. The news sent stocks soaring on early Friday trading.
The Numbers Unemployment fell to 9.4% from 9.5% the previous month, while Wall Street was predicting an increase to 9.6%.
Nonfarm lost less than 250,000 jobs compared to the 325,000 that was predicted.
A chief investment strategist was quoted as saying, "While job losses remain generally high and were widespread across industry, clearly the pace of job destruction is substantially less than what we were seeing in the early part of the year......So obviously it's constructive and the equity markets are responding accordingly."
