U.S. Unemployment Holds at 9.7%

U.S. Bureau of Labour Statistics reported Friday the nonfarm payroll employment declined 36,000 in February, while the unemployment rate held at 9.7%, lower than estimated rate of 9.8%. Nearly 40% of the unemployed are looking for work for more than six months.

Employment fell in construction and information technology sectors while temporary services added jobs.

Nikkei Movers

Fujitsu Ltd led the decliners in the Nikkei 225 Stock Average with a loss of 2.7% followed by losses in Mitsubishi Paper Mills Limited of 0.9%, in Nippon Light Metal Company, Ltd of 0.9%, in Chubu Electric Power Company, Incorporated 0.7% and in The Tokyo Electric Power Company, Incorporated 0.4%.

Tosoh Corporation led gainers in the Nikkei 225 Stock Average with a rise of 6.1% followed by gains in Dentsu Inc 6.0%, in Fuji Electric Holdings Co., Ltd of 5.7% and in NTN Corp 5.3%.

Other Movers

Dentsu Inc advanced 6.0% to 2,354.00 yen after the advertising company said its revenue in February increased 8.8% to 105.7 billion yen from a year ago.

JFE Holdings increased 3.6% to 3,570 yen after it agreed over the weekend to a price increase of 55% to $200 a ton for a short term delivery for the period between April and June instead of annual contract.

Nissan Motor Co added 4.7% to 733.00 yen after the carmaker and Russia’s ailing car giant AvtoVAZ planned to begin the production of Renault and Nissan in 2012 to 2013 according to RIA Novosti.

Sony Corporation rose 2.8% to 3,295.00 yen and Toyota Motor Corp added 2.6% to 3,515 yen as the yen weakened against the dollar.