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Light Economic Calendar. Futures Slumping Even as Oil Prices Recover
It’s another light day with no major data releases on the docket. The only items to be released are the weekly retail sales reports from ISCC-Goldman Sachs and Johnson Redbook in the morning, as well as the ABC Consumer Comfort survey after the closing bell.
Stocks Extend Losses Despite Gain in ISM Services Data
The only data release for the day was the ISM-Non Manufacturing Index, but markets shrugged it off and extended their losses even though it came in higher than forecasts.rnrnSix service industries including Real Estate were growing in the month of June, the ISM index revealed, rising 3 points to a score of 47.
Mid-Day Recap: Labor Reports Send Markets into Freefall
The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years.rn“The heavy loss of jobs in June is a warning that the road to recovery will be bumpy, but doesn't yet indicate that we have gone off the track†. . .
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