Business Update: Sandy, Federal Jobs Report, MO Unemployment
KOMU 8's Katie Brennan has this weekend's Business Update.
Markets felt a pounding from superstorm Sandy last week. The storm closed the New York Stock Exchange trading floor for two days. That's the first time weather prompted a two-day stock exchange closure since the 19th century.
For the week, the Dow closed down 14 points, at 13,093. The NASDAQ slid five points throughout the week, dipping 0.19 percent, and the S&P 500 squeezed out a gain of 0.16 percent.
But the superstorm didn't delay the federal jobs report. The Bureau of Labor Statistics released the report, which is the last before the election, on time Friday morning. The department took the household survey before the storm the hit.
Here are the numbers:
U.S. employers added 171,000 jobs last month, beating expectations of 125,000. However, the unemployment rate ticked up from 7.8 percent to 7.9 percent. The number of people in the labor force rose, meaning more people decided to look for work. That boosted the number of people counted as unemployed by 170,000 people.
Here's how Missouri stacks up against those national numbers:
Missouri's September unemployment rate is 6.9 percent, a full percentage point below the nation's average released Friday morning. Over the past ten years, U.S. and Missouri unemployment rates rose and fell together. But since September of 2009, Missouri has had lower unemployment rates compared to the national average.
Missouri's Department of Labor hasn't released the state's October unemployment rate yet, but here is what we know so far. The department's website lists the initial jobless claims filed each week of October. Total those up, and you get 30,090 claims for the partial month. The website says September claims totaled twenty 25,014. So, people filed nearly 5,000 more claims in October. Those calculations suggest Missouri's unemployment rate will rise for October.
As for next week, the Bureau of Economic Analysis will release October's trade balance report on Thursday at 9:30 a.m. central time. Markets will react to the results of Tuesday's election. KOMU 8's Katie Brennan will take a look at Wall Street's reaction and how the results will affect Missouri in next week's Business Update.