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Bobbys Corner-Open Market-Sept.2.2011

Good Morning:

Investors and traders worldwide will be awaiting this morning’s release of US employment data at 8:30 AM EST.

The US has a national holiday on Monday-Labor Day.  Most US markets will be closed-but the FX market will be up and running.

Payrolls are expected to increase by approximately 70K-far less than the 117K increase in July.  The US rating downgrade by S&P, along with fears of default in Europe, and fighting between US lawmakers on the debt reduction program all led to the reduction in hiring.
These factors caused the markets to be nervous, and uncertain-which is a key component when companies cut back. 
The unemployment rate is expected to stay at 9.1%.  This will make the last 26 out of 28 months with an unemployment rate over 9%. 
Investors will look to see how many jobs the private sector added-as this sector is the strongest part on new job growth.

Equity markets are lower worldwide-and US Futures are lower at this time as concerns that the employment report will show signs of a continuing slow economy.

Gold is high again today-and Oil is slightly lower.