U.S. futures pointed to a slightly lower open after the jobs report failed to impress.
U.S. employers cut 85,000 jobs in December, which was more than expected. However, November’s numbers were revised higher to show a gain of 4,000 jobs from the previously reported loss of 11,000 jobs, while October’s was revised lower. The unemployment rate remained at 10%. For the whole of 2009, the economy shed 4.2 million jobs. Today’s report disappointed some investors, but the trend in the job market has shown broad improvements over the previous months.
The other economic stats will not get quite as much attention today. After the opening bell, a report is expected to show wholesale inventories fell 0.3% in November, after rising by that amount in the previous month. Another report is expected to show consumer credit fell by more than $5 billion in November, after dropping $3.5 billion in October.
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