(As of 7:15 am PST - Thursday, 2/7/2013)
Stocks are retreating this
morning as the Labor Department reported jobless claims fell 5,000 last week to
a seasonally adjusted 366,000. The
number of people filing for unemployment benefits has been nearly unchanged for
the past 6 months indicating that labor market conditions are showing little
signs of improvement. Another report
showed that US productivity fell by 2% in the 4th quarter, despite
upward revisions to productivity in the 3rd quarter. Productivity for the year was 1%, lower than
the 40 year average of 1.9%. Wages for
US workers rose an inflation-adjusted 0.3% in the 4th quarter. Investors are taking the opportunity to take
profits as the market has rallied this year.
In Europe, stocks are mixed and Asian markets are lower with investors
locking in gains ahead of next week’s Lunar New Year holiday. Markets in China, Taiwan, and Vietnam will be
closed all of next week. Gold is lower
by 0.6% and oil is slightly higher at $96.75 per barrel.
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