It’s the payroll report of the century (just kidding, but you’d think so from all the hype in today’s financial media). Payrolls Friday is always among the biggest day of the month for traders, as job figures are scrutinized for their message about the state of the economy. This week, the figures do matter a bit more than usual as investors try to decipher whether the Fed will raise rates later this month.
And the numbers are out this morning: U.S. employment growth slowed in August, but the unemployment rate fell more than expected. Nonfarm payrolls rose a seasonally adjusted 173,000, and the unemployment rate fell to 5.1%.
Disney is launching Star Wars merchandise today to accompany the upcoming film, Star Wars, The Force Awakens, its new film in the saga. Analysts say the new line could generate $5bn in global sales, eclipsing the $3bn in sales generated by Disney's Cars series.
Novartis is launching the first cut-price copy of an expensive biological drug in the U.S. today, opening the way for a new category of medicines (called biosimilars) that could shave billions off American healthcare costs. Copycat versions of these complex drugs have been on sale in Europe for over a decade, but they've been slow to arrive in the U.S. in part due to pharmaceutical lobbying.