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Job growth falls short of expectations as August payrolls rise just 130,000

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Nonfarm payrolls increased by just 130,000 in August, in large part to the temporary hiring of Census workers.

The increase fell short of Wall Street estimates for 150,000, while the unemployment rate stayed at 3.7%, as expected.

July and June job figures were also revised lower.

Average hourly earnings increased by 0.4% in August and 3.2% over the year,

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Stocks gapped up for a second straight day on Thursday after some positive trade headlines out of China. The Dow gained 373-points, and it was a sea of 1% plus green across the indices. If there was any negatives it would be that the highs were made in the first hour of trading, and from there we saw a modest drift lower. I suppose we can't blame investors for locking in some gains with the possibility of the next headline or Tweet just a quick click away. We saw some big moves technically ...

Stocks rallied on Wednesday, reversing Tuesday's losses. The Dow gained 237-points and we saw 1% gains in several of the major indices with some closing at their highest levels in about a month. A weak dollar, higher long-term bond yields, some calming in the Hong Kong protests, and the Fed Beige Book may have helped push things higher yesterday.

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Stocks opened the post holiday week on a down note with the Dow falling 285-points, or 1.08%. Boeing was a drag on the Dow and the S&P 500 held up a little better falling 0.69%, but the Nasdaq, small caps, and the Transports all lost over 1% on the day. The I-fund outperformed again, to my surprise, even after another rally in the dollar, although the dollar did reverse down and lose much of its early gains.

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Stocks rallied early on Friday, keeping that pre-holiday rally going, but we did see some selling as the day wore on and into the long weekend. The Dow ended the day with a respectable 41-point gain, while the S&P 500 gave up all but 2 of its early 16-point gain, and the Nasdaq closed in negative territory. Small caps were flat while the I-fund rallied, but may be vulnerable today.

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