Market cheers jobs report, Intel

CNBC ^ | 6/4/04 | Market Dispatch

[Steven W.]

Job growth for May comes in strong, but not strong enough to reignite interest-rate fears. Mild rally pushes all three major indexes into the plus side for the week. Techs lead after Intel's strong mid-quarter update.

The labor market is back, and that news along with a strong mid-quarter forecast from semiconductor king Intel have the market looking strong at midday.

Non-farm payrolls jumped 248,000 in May, while the unemployment rate held steady at 5.6%, the government reported this morning.

From the Street's vantage point, the payroll increase was a "Goldilocks" number -- not too cold, not too hot. The jobs picture was a little better than expected, and it was the third straight monthly report saying jobs are coming back.

"Economists say this third strong job report in a row is a definitive sign the job market has turned around," CNBC economics reporter Steve Liesman said.

[Steven W.]

Steve Liesman is a liberal economist but was very honest today in his concurrence that this economy is very, very strong (best in 20-30 years based on all the numbers) and manufacturing is really starting to boom. This morning I was struck that even he can see the duplicity of the Kerry campaign when he felt obligated mentioned that the Kerry advisers refused to come on CNBC's morning show today to comment on the good numbers.

[Steven W.]

For the record:

DOW 10,242.82 +46.91
NASDAQ 1,978.62 +18.36
S&P 1,122.51 +5.87

[zencat]

We're at the point where the liberal media and Democrats can't even spin the good economic news into bad.

And watch out, Paul Krugman's cat is sailing today:

http://www.yoders.net/nr/?ffid=5

[feedback doctor]

Evolution of Democratic comments on the economy

July 2000 - "Bush has no right to say the economy is headed toward recession. It's the strongest ever!"

July 2002 - "This is the worst economy since man came down out of the trees"

July 2003 - "This is the weakest recovery ever."

January 2004 - "This is a jobless recovery. Where are the jobs Mr. Bush?"

And the new mantra: It'll be reported on the major media now and thru the weekend:
June 2004 - "All these jobs, they're menial, low paying jobs."

[EdReform]

BTTT

[Citizen of the Savage Nation]

Steve Liesman is a liberal economist

Then he's pretty aptly named, I would think.

Also, Mar and Apr revised up, again, by 74k. Anyone else notice that the 2.6 million jobs this year that everyone laughed about earlier, is right on target?

[clintonh8r]

WOMEN, MINORITIES TO SUFFER MOST

...NYT sub-head

[Steven W.]

yes, it's time to bring back the liberal "hamburger flipper jobs" mantra ROFLMAO

[samtheman]

Tom Daschle is deeply deeply saddened.

[murdoog]

Are tech jobs getting created? Does anybody know anything about that?

[Steven W.]

tech jobs are being created & the monster employment index has been hitting new highs over the past couple months.

[raybbr]

Non-farm payrolls jumped 248,000 in May, while the unemployment rate held steady at 5.6%, the government reported this morning.

How is that possible. Doesn't that mean that there is zero net growth?

[TheLion]

"Tom Daschle is deeply deeply saddened."

So are the people who used to sell us the doom and gloom from "Market Wrap".....oh well, maybe they are back in the market now!

[driftless]

Oh yes they are. They had some yutz named Altman on Cavuto's show today, and he was spinning (lying?) like a top. The question I want to ask all the libs about the economy is, even if you could blame Bush for the sour economy (which you can't, the downturn began during the Clinton admin), what would you do different? The Dem strategists are even admitting that there is excellent job growth, but still whine that it's not enough. Exactly what would they do different? If things are clicking on all cylinders, why change anything? It's like your best hitter was in a slump but now goes on a tear where he's hitting everything in sight. Would you change his swing? Dems are really grasping for straws at this point.

[zencat]

Dems are really grasping for straws at this point.

Yep. Once you deflate the liberals with all the positive economic stats, they usually end up saying something like "There are still a lot of people hurting out there."