U.S. stock futures traded higher ahead of the government’s employment situation report, but turned negative after its release.
Employers cut a deeper-than-expected 190,000 jobs in October. Economists expected payrolls to fall by only 175,000. However, the August and September numbers were revised to show 91,000 fewer jobs were lost during that period. The unemployment rate also climbed higher-than-expected, reaching a 26 year high at 10.2%. The consensus called for a rise to 9.9% from 9.8%.
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