Nonfarm payrolls fell by 85,000 jobs in December, a surprising drop as the estimate called for an unchanged reading. Also, November was favorably revised to the first positive reading since December 2007, to a gain of 4,000 from -11,000. The unemployment rate remained at 10.0%, matching the consensus forecast. Average hourly earnings rose 0.2%, while average weekly hours remained at 33.2.
Wholesale inventories unexpectedly rose, gaining 1.5% in November, versus the consensus, which called for a 0.3% decline.
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The Dow Jones Industrial Average rose 11 points (0.1%) to close at 10,618, the S&P 500 Index added 3 points (0.3%) to 1,145, while the Nasdaq Composite gained 17 points (0.7%) to 2,317. Crude oil was $0.17 higher at $82.90 per barrel, and the Bloomberg gold spot price increased $5.18 to $1,136.78 per ounce. For the week, the DJIA gained 1.8%, while the S&P 500 Index rose 2.7%, and the Nasdaq Composite increased 2.1%.
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