This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Unemployment Rate Edges up to 9.6%

Stocks in this article: SPY DIA QQQQ

(Payrolls article updated with additional detail and commentary.)

NEW YORK ( TheStreet) -- The nationwide unemployment rate pushed up to 9.6% last month, from 9.5% in July, the Labor Department said early Friday.

Nonfarm payrolls lost 54,000 jobs in August. Consensus projections provided by were calling for the headline number to drop by 120,000. The smaller-than-expected decline indicates the rate of job loss is easing.

Wall Street reacted quickly. Futures for the SPDR S&P 500 (SPY), an exchange-traded fund that tracks the S&P 500, gained 1.2% in pre-market trading. The SPDR Dow Jones Industrial Average (DIA) and PowerShares QQQ Trust (QQQQ) each pushed up 1.1% ahead of the opening bell.

Further evidence of stabilization in the labor market came from a government report Thursday that showed fewer Americans filed for initial unemployment benefits last week than had been expected.

Temporary census-related jobs dropped by 114,000. Excluding census workers and other government workers, the private sector grew by 67,000 in the month, easily topping expectations for a gain of 30,000, and less than the revised 107,000 private-sector job gains in July.

The report also showed that 123,000 fewer jobs were lost in June and July than previously thought.

The nationwide unemployment rate of 9.6% represents the highest rate since May, and was in line with expectations.

Average hourly earnings edged up by 0.3%, or 3 cents, to $19.08. That beat expectations for a 0.1% uptick.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs