Stock futures pared losses and looked set for a positive start following the government’s Employment Situation report. Futures earlier had pointed to a much lower open following yesterdays sell-off as investors worried over yesterday’s unexpected climb in initial claims and concerns over European debt issues.
The Labor Department reported that U.S. employers cut 20,000 jobs in January, but the unemployment rate surprisingly fell to 9.7%. December’s numbers were also revised to show the economy shed 150,000 jobs, compared to 85,000 previously reported, but November was revised to show a gain of 64,000, up from 4,000. The average work week for all workers unexpectedly rose to 33.9 hours from 33.2, the highest in a year. The increase signals that companies are making more part-time workers full-time employees. Total average hourly earnings also increased.
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