Nicholas Colas, chief market strategist for ConvergEx in New York, was similarly unimpressed by the jobs numbers. In a note to clients, he said U.S. unemployment seems to be more consistent with "an ongoing recession than expansion."In the recession of the early 1990s and its aftermath, the highest rate of unemployment was 7.8 percent. In the recession of the early 2000s and its aftermath, the unemployment rate never got above 6.3 percent.
Stocks Turn Higher On Jobs Number, But Fears Loom
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