Posted on 09/03/2010 6:53:37 AM PDT by Dallas59
NEW YORK (AP) -- Stocks are extending their rally after a relatively encouraging report on the job market lifted hopes about the pace of economic growth.
The Labor Department says private employers added 67,000 jobs in August, stronger than the 41,000 economists polled by Thomson Reuters had forecast.
While the data Friday does not indicate the economy is robust by any means, investors are upbeat that it also doesn't indicate the economy is worsening or possibly falling back into recession.
There were other encouraging signs throughout the employment report, including a bigger-than-expected jump in hourly wages.
(Excerpt) Read more at finance.yahoo.com ...
LOL!
This rally is as real as the Summer of Recovery. LOL
Whistling past the graveyard. Keep it up.
Could be the markets are anticipating a GOP sweep on Nov 2.
My thoughts exactly.
Maybe business likes high unemplyment because it means they can keep their costs down because there are so many job seekers (low wages are good for business)
Wow great news. I guess this really is recovery summer! sarc/
refermech is right. At this point the market is operating seperately from the economy.
Businesses have had to figure out how to operate on a tight budget and less manpower these past few years. New levels of efficiency have been achieved.
Going forward, I don’t see a lot of jobs coming back. But I do think investors will continue to invest in businesses who have figured out how to operate in the Obama economy.
In addiition, I think the markets are up today specifically because yesterday it was reported that the WH is actually considering business tax cuts, including a payroll tax holiday.
If true...that is big news.
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