>>The nation's unemployment rate fell to 4.4 percent last month, as
stronger-than-expected hiring by builders, retailers, restaurants and
other service providers more than offset layoffs by manufacturers, the
government reported yesterday.
The gain of 267,000 payroll jobs in November, which was much greater
than many analysts had anticipated, showed that the nation's labor
markets remained strong despite the recent flurry of corporate layoff
announcements.
Boeing Co., Johnson & Johnson, Merrill Lynch & Co. and merging oil
companies Exxon Corp. and Mobil Corp. are among the corporate giants
that have recently announced plans to slash tens of thousands of jobs.
But many of those cuts won't occur for months or years. Meanwhile, other
payrolls are booming.
"The U.S. growth story remains a tale of two economies, with the
manufacturing sector shedding 47,000 jobs in November, purchasing agents
reporting the weakest factory conditions since February 1996 and [new
factory] orders dropping in October," said Bill Dudley, chief economist
at Goldman Sachs & Co. in New York.
More than compensating for those job losses were a jump of 55,000 jobs
at firms providing business services, including temporary help, and of
47,000 in construction. Unusually strong holiday hiring boosted retail
trade employment by 65,000 jobs, the Labor Department said. <<
I agree, BK is a hoax
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