Latest US Employment data (this links to Article 7 page 36)

In the book I discuss the key significance of the US Employment release that comes out on the first Friday of each month. The latest data was released last Friday at 1.30pm London Time.

It showed: a fall of 159,000 in non-farm payroll employment and the jobless rate stayed at 6.1%. In normal times this would have had a significant impact on financial markets across the World. However, we are not living through "normal times". So instead last Friday all eyes were focused on the US Congress as the $700bn financial rescue package was finally passed into law. There was a tense 263 to 171 vote in favour in the House of Representatives.

Despite these measures the US financial markets remained very nervous. The key S&P 500 stock market index fell back after some early strength. The week ahead promises to be another roller coaster of a ride. It will be sometime before calm returns to financial markets.

Related Question:

a) Why does the US Employment release normally have such a significant impact on financial markets?

b) What did the latest employment data show?