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DanS
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Kickball Capital of the World
Jan 1970
time: 00:17
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Good news. 262,000 new non-farm jobs were announced for February and downward revision of 14,000 was made for January's job numbers, leaving a net +248,000 new jobs announced. The economy went completely into expansion in January (net jobs from the last peak of February '01 to January '05 finally were positive).
The underlying components of this job growth are healthy. Over 90% of the new jobs are in the private sector. Another couple of months of this and the private sector can be said to finally be completely in expansion mode.
http://news.ft.com/cms/s/5992efa4-8...000e2511c8.html
quote:
US February job growth tops expectations
By Christopher Swann in Washington and wires
Published: March 4 2005 13:46 | Last updated: March 4 2005 13:46
US jobs imageThe US created 262,000 jobs in February, the biggest gain in four months, surpassing expectations and reinforcing confidence in the sustainability of economic growth.
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Economists have become accustomed to seeing the payroll figures fall short of their expectations. On Friday, however, they were confronted with the novel situation of having underestimated job growth. The average forecast was for an increase of 218,000.
There was a slight downward revision to job growth in January which was lowered by 14,000 to 132,000. But economists said the figures reduced the threat of an abrupt slowdown in consumer spending.
Nevertheless, a surge of new workers onto the market pushed the unemployment rate up from 5.2 per cent to 5.4 per cent.
There are also no signs yet that the improving market is helping boost the bargaining position of workers. Average hourly earnings was unchanged over the month.
The number of people unemployed for more than 27 weeks - the amount of time Americans are entitled to Federal jobless benefits - was unchanged at 1.6m - a fifth of the total unemployed.
With the economy no longer being boosted by mortgage refinancing and tax rebates, employment and wage growth will be crucial in determining the pace of consumer spending growth.
A survey released on Friday showed consumer sentiment fell more than expected in the month, Reuters reported. The University of Michigan’s consumer confidence index for February fell to 94.1 from January’s 95.5, according to Reuters’ sources who saw the subscription-only report.
Analysts had expected expected a figure of 95.45.
Most economists assume job growth needs to achieve an average of about 150,000 a month in order to absorb new workers entering the market.
Shares rose in early trade on Friday. The Dow Jones Industrial Average was up 74 points at 10,906 and the Nasdaq rose 10 points to 2,068. |
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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Nice try, Dan. But too bad unemployment rose.
quote:
Dollar Declines Against Euro; U.S. Unemployment Rate Increases
March 4 (Bloomberg) -- The dollar fell for the first time in a week after a government report showed the U.S. unemployment rate rose last month and fewer people were hired in January than initially reported.
Speculation the economy would add as many as 300,000 jobs overshadowed the Labor Department report that employers hired 262,000 new workers, the most since October and above the median forecast of economists polled by Bloomberg.
``The numbers were not strong enough to support dollar bulls' wildest desires,'' said Jason Bonanca, a currency strategist at Credit Suisse First Boston in New York. ``We are still improving and 262,000 is a good number, but details in the report were not so supportive.''
Against the euro, the dollar weakened to $1.3219 at 10:04 a.m. in New York from $1.3110 late yesterday, according to electronic currency-dealing system EBS. Versus the yen, the dollar declined to 104.63, from 105.29. The dollar is still up 0.3 percent this week against the euro and is down 0.6 percent versus the yen, the third straight week of losses.
Economists predicted U.S. employers created 225,000 jobs last month, according to the median of 70 forecasts in a Bloomberg survey. The Labor Department said today the U.S. jobless rate rose to 5.4 percent in February, from 5.2 percent in January, when employers hired 132,000 workers. The initial estimate for job growth in January was 146,000. |
http://quote.bloomberg.com/apps/new...pzUw&refer=home
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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quote:
Originally posted by DanS
Unemployment rose because people are coming back into the job market. This is good news, not bad news. |
So higher unemployment is good news?
You should work for the President.
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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quote:
Originally posted by DanS
In this case, yes. |
I'll tell you, it doesn't seem like anyone else is reacting to favorably to this. And honestly, I'd love for the US economy to improve dramtically overnight. I have quite a bit in US dollar savings and the better the economy does the more my money is worth, but I just don't see it.
Here's some news from the currency markets. They don't seem to think this is very good news:
quote:
Canadian Forex Midday: C$ Strengthens
Winnipeg, MB, Mar 04, 2005 (Resource News International via COMTEX) -- The Canadian dollar was stronger at midday Friday, as US jobs data failed to live up to large pre-report expectations. The broad based weakness in the US dollar helped send the Canadian currency higher, said analysts.
The Canadian dollar was quoted at 81.27 US cents (C$1.2304) at 1149 CT (1749 GMT), which compares with 81.10 US cents (C$1.2330) early in the session, and Thursday's North American closing level of 80.40 US cents (C$1.2438).
The US economy created 262,000 jobs in February, which was above average estimates calling for a non-farm jobs increase of 220,000. However, the market had started to anticipate larger than consensus gains in recent days, with some calling for a figure above 300,000. With the numbers coming in below the high expectations, the US dollar weakened in the international markets.
Meanwhile, the US unemployment rate rose to 5.4%, from 5.2% in January. Economists had expected the rate to hold steady.
A sharp increase in Canada's Ivey Purchasing Managers' index also provided support to the Canadian dollar. The index was pegged at 63.4 for February, which compares to 50.0 in January. A number above 50.0 indicates an expansion of purchasing activity.
Canadian employment and trade data will be released next week, Friday.
The Toronto Stock Exchange (TSX) was higher at midday Friday, up 76.60 points at 1149 CT (1749 GMT). |
http://news.tradingcharts.com/futures/0/3/64300330.html
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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quote:
Originally posted by chegitz guevara
Doesn't he? |
quote:
Originally posted by DanS
Basically, I don't follow the unemployment rate. |
I'm beginning to agree with you, Che.
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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quote:
Originally posted by pchang
Official unemployment numbers are fuzzy figures because they only count those actively seeking work. In this case, unemployment rose because unemployed people who had previously given up on finding work became encouraged and began to actively seek work again. A more real tabulation of the unemployed that counts all unemployed people (without regard to whether or not they are actively seeking work) would have showed a decrease. |
So you're saying it doesn't count because we didn't know these people were jobless before?
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JimmyCracksCorn
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Macedonia - Sovereign country north of Greece.
Dec 2002
time: 05:17
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quote:
Originally posted by pchang
Are you being purposely obtuse? |
Unfortunately not.
I'm saying it doesn't make much of a difference to me whether we have new jobless people looking for jobs or old jobless people who have started to search again. It still equals more people looking for jobs, as indicated by the rise in jobless claims. Even you must be able to see that.
So unless you have special figures which indicate that the amount of jobless claims in the US has actually gone down, your claims are merely unsubstantiated speculation.
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chegitz guevara
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Ft. Lauderdale, FL Communist Party of Apolyton
Jun 2000
time: 00:17
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quote:
Originally posted by Odin
It has acctually been going DOWN since the 70's if I remember right... |
From 1973 to some time in the mid-90s, real wages droped about 10%, even though family incomes had gone up by 50%. The rise of two income families accounts for the latter. Then, from the mid to late 90s, real wages grew considerably, such that by the end of the decade, there had been 10% growth over 1973, or a 25% rise in wages. Since Bush took office, all of the ground gained in the 90s has been lost, and we're back where we were at the begining of Clinton's 2nd term. I might be a little off on the late 90s statisitics, but that's what I remember reading.
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All times are GMT. The time now is 05:17.
Apolyton Time is 00:17. |
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04-03-2005 21:23
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