Stocks inched up in early trading Friday after the Labor Department said employers cut a total of 216,000 jobs last month, less than the 276,000 jobs lost in July and better than the 225,000 figure analysts had been expecting. It was the lowest level of job losses in a year.
The unemployment rate, however, jumped to 9.7 percent -- the highest rate since June 1983. Analysts had been expecting the rate to edge up to 9.5 percent after unexpectedly dipping to 9.4 percent in July. Most economists expect the unemployment rate to top 10 percent by early next year.
Rising unemployment is seen as the economy's biggest hurdle to recovery, and concerns about it have been weighing on the stock market. As long as job losses remain high, consumers won't feel comfortable about spending money, which the U.S. economy badly needs in order to resume growth.
The Dow Jones industrial average rose 25.92, or 0.3 percent, to 9,370.53. The Standard & Poor's 500 index rose 3.46, or 0.3 percent, to 1006.70, while the Nasdaq composite index added 9.44, or 0.5 percent, to 1,992.64.
Yesterday’s Top Performing Small Cap stock:
Mantra Venture Group Ltd., (OTC BB: MVTG) was a SmallCapVoice.com top performer closing up 7% on trading volume 4,062 shares.
Mantra, through its group of sustainable energy, carbon reduction, media and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and environmentally responsible investment for its shareholders.
Today’s SmallCapVoice.com Hot Stock to Watch:
HearAtLast Holdings, Inc. (OTC BB: HRAL)
HearAtLast Holdings, Inc., a leading provider of suitable affordable solutions to clients with hearing needs in the billion dollar hearing loss market, recently announced the clinics throughout Canada saw same month sales increase by over 20 percent during August, 2009.
Industry trends generally indicate that the month of August is a slower period in the Canadian Retail Hearing Aid Industry. This is a very positive sign that the Canadian economy, not as closely tied to the USA economic downturn, is recovering.
"With the majority of sales to the 60 plus individuals who rely on investment income, this certainly benefits our patients as the HearAtLast model lends itself to affordable high end hearing devices everyday. The culture of the traditional shopper has changed, as their loyalty is shifting to retailers who provide value on a consistent basis and not just when times are tough, and this new paradigm shift is here to stay or HearAtLast," states Robert J. Oswald of HearAtLast Holdings, Inc.
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