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Market Watch Weekly | February 5, 2021 | GameStop-Ed?

Erik Dekker - Feb 08, 2021

What a difference a week makes… After posting the worst week in almost three months, North American benchmarks were back to record territory on Friday as we saw a much better than expected jobs report south of the border and investors continue to digest a better-than-expected earnings season.

With respect to the jobs report, US employment returned to growth territory for the month of January, with nonfarm payrolls increasing by 49,000 while the unemployment rate fell to 6.3%. Economists had been looking for growth of 50,000 and the unemployment to hold unchanged at 6.7%. The sharp drop in the unemployment came as the labor force participation rate edged lower to 61.4% and 406,000 workers left the labor force. However, a more encompassing measure of unemployment that includes discouraged workers and those holding part-time positions for economic reasons also fell, dropping to 11.1% from 11.7% in December.

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