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Technology Stocks : Semi Equipment Analysis

SOXX 319.58

-1.6%

4:00 PM EST

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To: Sarmad Y. Hermiz who wrote (17699)	8/6/2004 1:07:29 PM
From: Donald Wennerstrom	Read Replies (1) of 95696

<<I think the sell-off is not an over-reaction, but a reaction in the wrong direction.>> Sarmad, I very much agree with you. Jobs addition is still positive and on an upswing. Briefing.com has an analysis of the jobs data posted on their site including charts. The charts cannot be shown here, but the "smoothed" data still shows an uptrend. Along with the charts is a summary called the "Big Picture" posted below. <<Big Picture * The sharp slowing in payroll growth since April returns concern over the tight labor market despite strong underlying economic demand. Labor productivity and tightfisted labor investment is still a strong force. Employment trends lag the overall economy as final demand (in excess of labor productivity) feeds in to labor demand. The unemployment rate has turned sharply lower from a 6.4% June 2003 peak as the return of discouraged job hunters to the labor force is now being reflected in the figures. Hourly earnings have turned higher as labor demand turned stronger. The length of the workweek hasn't yet shown a sustained rise. Overall, the employment situation has improved but the recent weakness draws concern.>>

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