Thursday, May 3, 2007

Economic Data Brings Thursday Morning Salvation

Wow, productivity more than double what economists expected along with a mild rise in unit labor costs: U.S. Q1 productivity up 1.7%, unit labor costs up 0.6%. Also a dip in jobless claims: U.S. jobless claims down 21,000 to 305,000. So a sudden surge in S&P futures - up more than 3, though it remains to be seen if gains can be sustained to closing bell with monthly jobs data due tomorrow morning.

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