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Home > BizTimes Daily > Archives > September 5, 2008
Unemployment rate jumps, stocks fall
Published September 5, 2008 - BizTimes Daily
The stock market continued its freefall today after the U.S. Department of Labor reported that the nation's unemployment rate in August jumped to a near five-year high of 6.1 percent, with non-farm payrolls shrinking by more than 84,000 jobs.
The Dow Jones Industrials Average, which fell by more than 340 points Thursday, continued to slide in a volatile session of trading this morning.
The BizTimes Stock Index slid with the broader market, falling 4.87 points to close at 135.61 Thursday, and local stocks also were down again this morning. The largest local decliners this morning were Harley-Davidson Inc. (down $1.57 to $38.50), Twin Disc Inc. (down 82 cents to $15.80) and Rockwell Automation Inc. (down 72 cents to $43.07). The largest local advancers this morning were mining equipment manufacturers Bucyrus International Inc. (up 49 cents to $50.61) and Joy Global Inc. (up 31 cents to $51.05).
The ADP National Employment Report showed that companies with 50 or more employees shed 53,000 jobs in August, while small businesses with less than 50 workers, gained 20,000 workers in August.
"Once again, we see that America's small businesses are leading the way in creating new jobs. Despite difficult times - rising healthcare and energy costs causing inflation to spiral upward - small business owners are still adding much-needed jobs. Our nation's policymakers, including the presidential candidates, need to pay heed to the message in these numbers. Take care of small business and its needs, and we will continue to drive America's economic engine," said Todd Stottlemyer, president and chief executive officer of the National Federation of Independent Business (NFIB), the nation's leading small business organization.
