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Job growth rocks again (Well above forecasts)
CNN ^
| Chris Isidore,
| CNN
Posted on 05/07/2004 2:04:46 PM PDT by Eurotwit
Payroll growth of 288,000 comes in well above forecasts; unemployment dips to 5.6 percent.
NEW YORK (CNN/Money) - Employers added jobs at a surprisingly rapid clip for the second straight month in April and the unemployment rate fell, a government report showed Friday, as the nation's labor market finally showed signs of sustained improvement. Even the manufacturing sector added 21,000 jobs last month after shedding jobs for 42 straight months -- until a revision showed a gain in the sector each of the last three months.
Construction added 18,000 jobs and retail added 23,000 jobs, while the business and professional services gained 123,000.
The strength of the jobs report was trumpeted by Labor Secretary Elaine Chao.
"This has been an across-the-board gain," said Chao appearing on CNNfn's Market Call. "All that (data) bodes for increased hiring."
(Excerpt) Read more at money.cnn.com ...
TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bushrecovery; economy; jobmarket; jobs
1
posted on
05/07/2004 2:04:46 PM PDT
by
Eurotwit
To: Eurotwit
One more report that makes Kerry irrelevant.
To: Eurotwit
This isnt thta surprising. Two economist I read regularly are Carolyn Baum and Larry Kudlow. Both said about 2 moths ago that income tax with holding had risen sharply in the past few months. This is actualyl a better indicator of employment and wage growth than anything the BLS or DOL has since it is not a snap-shot or survey of a few thousand business but is a picture of the entire economy.
Since the last two weeks saw unemployment clains fall sharply, expecy May's numbers to be above 300,000 once again. April's 288,000 will be revised upward to over 300,000 and March's 308,000 was revised to 337,000 and Feb's 43,000 to over 80,000. Means BLS is finding new payroll employment in start-up firms not just established ones.
To: Eurotwit
But no one cares about GOOD news. Afterall the OUTRAGE of our nude prisioners (/sarcasam)
4
posted on
05/07/2004 2:15:39 PM PDT
by
Moleman
To: Eurotwit
The Dow responded in its accustomed manner. Down triple digits.
5
posted on
05/07/2004 2:19:30 PM PDT
by
RightWhale
(Destroy the dark; restore the light)
To: boxsmith13
I expect Mays numbers to be in the 400,000 range. I base this off of seasonal hirings, increase in income tax collections and a decline in UE claims, couple that with 3 quarters of solid growth this could be the summer of democratic discontent.
6
posted on
05/07/2004 2:21:37 PM PDT
by
aft_lizard
(I actually Voted for John Kerry before I voted against Him)
To: aft_lizard
I agree we could see a 400,000 month very soon. I live an in area of the country that is booming anyway and never felt the recession much. there are help wated ads everywhere and the number of jobs in my city on HOTJOBS.com has risen by about 25% in the last few weeks. If only oil was $30 per barrel.
To: RightWhale
I guess they think interest rates will go up.
8
posted on
05/07/2004 2:24:59 PM PDT
by
Eurotwit
To: boxsmith13
Unless OPEC kicks production in overdrive oil prices will continue to rise I expect, more people earning means more people driving which means a greater strain on supply lines.
9
posted on
05/07/2004 2:25:29 PM PDT
by
aft_lizard
(I actually Voted for John Kerry before I voted against Him)
To: boxsmith13
If only oil was $30 per barrel. Maybe at the end of the summer. The dollar is starting to get stronger, which should make oil cheaper, but we still have to deal with the normal summer increase first.
10
posted on
05/07/2004 2:25:51 PM PDT
by
kevkrom
(The John Kerry Songbook: www.imakrom.com/kerrysongs)
To: RightWhale
The Dow responded in its accustomed manner. Down triple digits. It's like having a party. Once it starts to get fun and loud, you know Mr. Greenspan, your grouchy old neighbor, will call the police.
11
posted on
05/07/2004 2:41:56 PM PDT
by
KarlInOhio
(Teach a Democrat to fish and he will curse you for not just giving him the fish.)
To: Eurotwit
Well, that seems likely. The question is where one should invest to take advantage of that. Bonds would seem to be a bad idea right now. Stocks, though? One could buy commodity futures, but they have a shelf life just as do commodities themselves. A lot depends on how quickly rates move. A sudden jump would hit the economy like a major earthquake would hit mudville.
12
posted on
05/07/2004 2:44:14 PM PDT
by
RightWhale
(Destroy the dark; restore the light)
To: RightWhale
"A sudden jump would hit the economy like a major earthquake would hit mudville."
And that's why you will not see a sudden large jump. The prospect for higher interest rates will hurt stocks; short to medium term bonds (insured) with call protection are a good alternative.
13
posted on
05/07/2004 3:14:40 PM PDT
by
Loyal Buckeye
((Kerry is a flake))
To: Eurotwit
Surprisingly good numbers for the worst economy since Herbert Hoover.
Even the manufacturing sector has been growing, in spite of the doomsday predictions by the outsourcing hysterics.
14
posted on
05/07/2004 5:32:25 PM PDT
by
Jorge
To: Moleman
But no one cares about GOOD news. Afterall the OUTRAGE of our nude prisioners (/sarcasam) I expect the army chick with the Iraqi prisoner on the leash will turn enough people on, as to have plenty of job offers when she gets out.
Which means the Iraqi prisoner abuse story and the GOOD jobs report sort of fit together nicely.
15
posted on
05/07/2004 8:02:14 PM PDT
by
Jorge
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