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Posted on 04/02/2004 6:37:44 AM PST by kattracks
NEW YORK, April 2 (Reuters) - Stocks are poised to vault higher at Friday's open after a surprisingly strong report on the U.S. job market reassured investors that the economic recovery is on track.The government's monthly employment report showed jobs grew at their fastest pace in nearly four years, offering comfort that the jobs market has finally made a break higher.
About 308,000 jobs were created in March, according to the Labor Department, far outstripping economists' forecasts for a gain of about 103,000. The unemployment rate ticked up to 5.7 percent from the 2-year low of 5.6 percent seen in January and February.
"The change in nonfarm payrolls was a very strong indication that the economy continues to rebound," said Tim Ghriskey, chief investment officer at Solaris Asset Management. "This should result in better economic growth, better corporate earnings and, therefore, stock prices."
Stock futures roared higher after the report was released. The Standard & Poor's 500 June futures rose 8.40 points to 1,142 after the data, while Nasdaq 100 index futures for the same month rose 20 points to 1,478.50.
The jobs report comes after gains by the stock market on Thursday, buoyed by positive economic reports showing a strong pickup in U.S. manufacturing activity and an unexpected decline in weekly jobless claims.
On Thursday the Dow Jones industrial average <.DJI> ended up 15.63 points, or 0.15 percent, at 10,373.33. The Standard & Poor's 500 Index <.SPX> rose 5.96 points, or 0.53 percent, to 1,132.17. The technology-laced Nasdaq Composite Index <.IXIC> gained 20.78 points, or 1.04 percent, to 2,015.00.
European stocks added to their gains in the wake of the strong U.S. data. Japan's Nikkei average <.N225> closed at a 22-month high on growing confidence in the country's economic recovery.
Stocks to watch on Friday include computer and electronics seller Gateway Inc. , which said on Thursday it would close its 188 stores and eliminate about 2,500 retail positions. Its shares rose after the bell on Thursday.
XM Satellite Radio shares jumped after the bell after it said it added 320,000 subscribers in the first quarter of 2004, bringing its total subscriber roles to 1.68 million.
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Companies Add Jobs, but Unemployment Up
Apr 2, 8:49 AM (ET)
By LEIGH STROPE
WASHINGTON (AP) - The nation's unemployment rate bumped up to 5.7 percent in March while companies added 308,000 new jobs - the most in four years, providing long-awaited evidence that the weak jobs market may be gaining steam.
The Labor Department report released Friday showed widespread hiring in industries across the economy at a time when President Bush's re-election campaign, counting heavily on a pickup in hiring, jumped into high gear.
For the first time in 44 months, the nation's factories did not shed jobs. But they weren't hiring either. March's figures show zero gains and losses for industries hammered by the economic downturn that began three years ago. The only sector losing jobs last month was information services, where companies cut about 1,000 jobs.
Revisions to payrolls showed a stronger jobs market than previously thought. Companies added 205,000 jobs in January and February, instead of the 118,000 reported last month.
The civilian unemployment rate, however, ticked up 0.1 percentage point from 5.6 percent in February. That occurred because more job seekers renewed their searches last month, but were unsuccessful.
The health of the nation's economy, especially the job climate, is a major issue in this year's presidential race. The economy has lost almost 2 million jobs since Bush took office in January 2001.
The economy rebounded strongly after the 2001 recession and terrorist attacks. But job creation didn't follow, and hiring remained at a standstill. That appears to be changing. Businesses have added to their payrolls - however slightly - for seven straight months.
But for out-of-work Americans, the economic rebound has been frustratingly slow. In March, there were 8.35 million people unemployed, compared with 8.17 million the previous month. The average duration of unemployment has been more than 20 weeks, a 20-year high.
Jobless workers are increasingly accepting part-time work. The number of people who worked part time for economic reasons rose to 4.7 million in March, up from 4.4 million the previous month.
BWAHAHAHAHAHAHAHAH!!!
Here are numbers that can silence dem Rats and expose their sickening hopes for U.S. casualties to win the White House. What other "issue" do they have besides the tiresome, worn out "issues" of the past four decades' presidential elections?
The increase in the unemployment rate was widely expected the more jobs created. The "discouraged" unemployed and the ones working part-time because they could not find full-time work are now reporting to the household survey that they are actively looking.
They be cookin' da books, honeychild...looks like they need a good recipe for "secret sauce" to keep the details SECRET!!!
Next couple of months, when they get around to DISMANTLING Falouja and sewing the Sunni Triangle with "fertilizer" from those G-D Awful Pig LAGOONS in Iowa, they be findin' those WMD there and in the Samara Tunnel Complexes!
ROTFLMAO!!!
They report it that way to keep democrats from jumping out windows
(actually some people return to looking for work so they add back into the number of unemployed)
A guess: a seasonal effect, people looking for summer jobs
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