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The market got clobbered today as investors became very concerned over the state of the jobs market and the broader economy.  The recent economic data does not seem to rhyme with the v-shaped recovery investors have been pricing into stocks.  Stocks fell 2.6%.   Volume was heavy at 1.5B shares at the NYSE and breadth was very negative.   Daily Futures wraps up the action from all markets:

U.S. Economy
The U.S. Labor Department said that jobless claims were up 17,000 last week to 551,000, more than expected. The December 2010 eurodollars are trading higher ahead of tomorrow morning’s unemployment report.

The U.S. Commerce Department said that personal incomes were up .2% in August while consumer spending was up 1.3%, better than expected.

The Institute of Supply Management’s manufacturing index slipped from 52.9 to 52.6 in September, weaker than expected, but still a sign of expansion.

The National Association of Realtors said that its index of pending home sales was up 6.4% in August and up 12.4% from a year ago, stronger than expected and the highest level since March of 2007. November lumber is steady to higher.

The U.S. Census Bureau said that construction spending was at an annual rate of $941.9 billion in August, up .8% from July’s pace, but down 11.6% from a year ago.

The Interational Monetary Fund (IMF) said that it expects real GDP in the U.S. to be down 2.7% in 2009, but up 1.5% in 2010.

Grains and Cotton
A line of rain showers from the Dakotas to Missouri is moving slowly eastward today. Also, parts of Wisconsin and Michigan saw temperatures in the 30’s and below this morning. December corn is trading lower.

The USDA said that, as of last week, 2009-2010 exports of:
Corn fell from up 33% to up 15% from a year ago.
Soybeans fell from up 69% to up 56% from a year ago.
Wheat improved from down 41% to down 38% from a year ago.
Cotton improved from down 35% to down 33% from a year ago.

The USDA said that net sales of beef totaled 8,800 tons last week, down from 9,900 tons the previous week. October cattle are trading lower.

An index of manufacturing in India increased from 53.2 to 55.0 in September, the sixth consecutive month of expansion. Also, an index of manufacturing in China showed the seventh consecutive month of expansion in September. December copper is trading lower.

The U.S. Department of Energy said that underground supplies of natural gas were up 64 billion cubic feet to 3.589 trillion cubic feet, a new record high. Supplies are now up 16% from a year ago. November natural gas is trading lower.

Eurostat said that the unemployment rate in the EU-27 inched up from 9.0% to 9.1% in August, the highest since March of 2004. The December euro is trading lower after European Central Bank President Trichet made comments that suggested the euro is too high.

Source: Daily Futures

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