S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -19.80.
Stock futures have dropped in response to the latest official payrolls figures. Nonfarm payrolls for July fell 131,000, which is far worse than the decline of 87,000 that had been expected, on average, by a sample of economists polled by Briefing.com. That makes for a disappointing follow up to the prior month’s downwardly revised decline of 221,000 nonfarm payrolls. Despite the larger-than-expected decline for July and the downward revision to June data, the unemployment rate remained at 9.5% when it had been expected to rise to 9.6%. The lower unemployment rate is most likely the result of discouraged job seekers exiting the labor force.
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