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NEW YORK, Aug 7 (Reuters) - U.S. stock index futures extended losses on Thursday as a government report showed that the number of people filing for jobless benefits rose in the latest week, suggesting further deterioration in the labor market.
That economic report, along with a big loss from insurer American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) and a sales shortfall from Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) cued Wall Street for a lower open. A rebound in oil prices, back above $120 a barrel, was an additional headwind.
2 weeks ago, I said inflation will continue to drive down consumer spending which represents 65% of all US economic activity and further increase unemployment. Well, here we have the world's largest retailer coming up with lower than expected earnings.
Once again, the stock market is not a good indicator of which way the economy is headed. Maybe for the long-term, but certainly not by looking at daily or weekly stock market trends. Investors are very fickle and reactionary (too many day-traders).
But unemployment trends are a great indicator of economic trends as they are long-term decisions.
Last edited by PatriotsReign; 08-07-2008 at 08:38 AM..
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