Ian Shepherdson, chief economist with High Frequency Economics, said the report this morning is good macro news, but the numbers reflect the painful job losses. If you'll recall, Friday's nonfarm payrolls report showed that the U.S. economy lost 247,000 jobs in July, bringing the total number of jobs lost since December 2007 to 6.7 million.
"These are spectacular numbers and help explain why so many recently reporting companies have beaten earnings estimates," Shepherdson wrote in an email. "Labor is the biggest cost by far for most businesses so if demand stabilizes while costs are falling, earnings improve. And the pressure on inflation eases too."
Regardless of why a stock is in the news, it never hurts to hear what a professional investor has to say about it. The key is to gather as much information as you can in order to make the most informed investment decisions you can. As Jim Cramer often reminds, investors must do their homework.
We still have a very mixed forex trading picture, with very low market momentum, and slow order flows at the moment. The market gives the impression that it wants to sell the dollar lower near-term, but until now, the momentum is very low. The calendar is pretty light, but the majors will be looking at the equity market for intraday guidance. If the dollar fails now to add to the recent moves the majors may regain control of things.
The global market drivers have long trends and neutral momentum, and that equals a possible swing point on the U.S. dollar forming. The market is looking now for the economic calendar to kick in and lead things fundamentally. If oil and equities start to move, so will the currency market, if not, we stay here, spinning our valuation wheels, looking for inspiration to come from somewhere
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The Fed's Open Market Committee is meeting Tuesday and Wednesday. Though no one expects any changes to the Fed's key interest rate, all are awaiting the Fed's statement to be released on Wednesday. The much anticipated announcement will be picked apart in hopes of divining any insight from the Fed about the current and future economic climate.
The dollar was mixed today as investors continue to await word from the Federal Reserve. By early afternoon, the dollar was gaining at 1.0999 Canadian dollars, but was down to 1.0806 Swiss francs.
Presumably, these stocks were under pressure following this morning's report on second-quarter productivity and unit labor costs. Productivity jumped 6.4% in the quarter, according to the Labor Department, while unit labor costs dropped 5.8%, the highest since 2000.
At face value, the rise in productivity means that inflation is low, which is certainly good news, especially with a rate decision due Wednesday at 2:15 p.m. EDT. However, the negative takeaway from this morning's report is that the U.S. is able to accomplish more with fewer workers. 
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