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As expected (in some quarters):
News that the unemployment rate for October climbed more than expected to a 25-year high of 10.2% amid a steeper-than-expected decline in monthly nonfarm payrolls has sent stock futures markedly lower.
Anyone that read my Wednesday post saw that this week's unemployment was going to come in worse than expected. Indeed I heard on the radio this morning that the predicted rate was going to be just under 10%. I figured no way. And it clocked in at 10.2% with more losses than expected. So not only do you probably have a situation where the press was playing up the 'recovery' which drew some job seekers back into the hunt, but you also had more losses than expected.