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August 1, 2008
The stock market lost ground this morning on the news that nonfarm payrolls fell for the seventh straight month in July, while the unemployment rate jumped to 5.7 percent, a four-year high, according to the U.S. Department of Labor.
Nonfarm payrolls fell by 51,000 jobs in July, spurred by losses in manufacturing, construction, retail and temporary help. Since December, 463,000 jobs have been lost.
Meanwhile, General Motors Corp. today reported a second-quarter loss of $15.5 billion, or $27.33 a share. GM's stock was trading today at $10.13 per share, a level not seen since 1954.
Additional pressure on the stock market came as crude oil prices reversed their recent downward trend today.
The majority of local stocks declined this morning. The largest local decliners today were Badger Meter Inc. (down $1.75 to $54.58) and Koss Corp. (down 84 cents to $14.26). The largest local advancers this morning were Joy Global Inc. (up $1.43 to $73.65) and MGIC Investment Corp. (up 86 cents to $7.26).
The BizTimes Stock Index lost 3.20 points to close at 141.66 Thursday. The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.
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