Stocks indicated a positive open even as the unemployment rate hit a 26-year high. The Labor Department said that the unemployment rate rose to 9.7% from 9.4% in July. However, there is more focus on the notion that the pace of layoffs slowed. U.S. employer cut a fewer-than-expected 216,000 jobs in August. The department also said that since the start of the recession in December 2007, the economy has shed 6.9 million jobs.
There is no other major economic data scheduled for release today. Trading volume may also be lighter than normal, as we enter the holiday weekend. Markets will be closed on Monday for Labor Day.
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