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Afternoon Note

Good Jobs Report

By Charles Payne, CEO & Principal Analyst
5/5/2017 1:29 PM
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Three of four months in 2017 has seen job growth north of 200,000, but that 79,000 (revised) tally from March brings monthly average to 184,500.  Still, this was a good jobs report that saw the true unemployment rate decline to 8.6% from 9.4% in January.

There is a lot to like and be encouraged about with the report; although, the participation dipped slightly, and hourly wages only edged up fractionally. 

United States Non Farm Payrolls

I’m looking for a rally into the close and a 100 – 200 points  pop on Monday if Macron wins the French election on Sunday.

Oil is recovering some of its huge losses of late, as WTI trading up 1.45% to $46.18.  The latest Baker Hughes rig count reported 6 new U.S. rigs for a total of 703 rigs.  This marks 16 weeks of gains.  Oil is also being helped by commitments from the Saudis that Russia is joining OPEC in cutting supply.

The major indices are mixed currently with the Dow down fractionally and the S&P500 and Nasdaq in the green.  Advancers are leading decliners 1782/1032 on the NYSE and 1316/1443 on the Nasdaq.


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