Futures Plunging On Awful May Jobs Report

The May jobs report was just atrocious, and equity futures are plunging on the back of this news. Just 54,000 jobs were created in May, versus the expected 175,000 jobs that were expected to be created. Unemployment ticked up to 9.1% from the expected 9.0%. Here is the report from the

discussing the report. Average weekly hours came in slightly higher, coming at 34.4 hours versus 34.3 estimates. Average hourly earnings rose slightly, going to 0.3% from 0.2%. Breaking down the report, private payrolls rose just 83,000, versus expectations of 173,000. Manufacturing payrolls fell 5,000, versus expectations of a rise of 10,000. At last check, Dow futures were off 133 points, NASDAQ futures were 25 points, and S&P 500 futures were off 15 points.