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Friday, February 5, 2010 - 10:06am
The Labor Department's closely watched monthly jobs report found that the unemployment rate unexpectedly fell in December to 9.7 percent from 10 percent.
At the same time, however, employers cut 20,000 jobs, more than the 5,000 analysts expected, according to Thomson Reuters. The two numbers are calculated from different surveys.
Timothy Speiss, head of Eisner LLP's Personal Wealth Advisors group, said the improving unemployment rate was a good sign. But, he said, investors are well aware that the problems in the economy that have stocks falling in recent weeks are still there.
"There will be excitement, relief about the number," Speiss said. "But we need to keep going."