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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (37897)	8/2/2002 10:49:56 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68247

Unemployment unchanged at 5.9 percent -- 9:28 AM EDT WASHINGTON, Aug 02, 2002 (United Press International via COMTEX) -- The Labor Department Friday on Friday reported that the nation's unemployment rate in July remained unchanged at 5.9 percent in July, just shy of its 7 1/2-year high of 6.0 percent set back in April. The Labor Department also said the economy created 6,000 non-farm jobs during the month after adding a revised 66,000 jobs in June, which was originally reported as 36,000 jobs. Economists on Wall Street were expecting the overall unemployment rate in July to remain at 5.9 percent and non-farm payrolls were expected to grow by 60,000 during the month. The latest report from the Labor Department showed the pool of available workers, which combines the number of unemployed job seekers, plus those not looking for work in the last 12 months who said they would take a job, rose to 13.2 million in July from 13.1 million in June. Workers' average hourly earnings rose 0.3 percent, or 4 cents in July, after rising 0.3 percent in June. Average weekly earnings rose to $502.86 from $505.93 during the previous month. The percentage of the U.S. population holding jobs in July fell to 62.6 percent from 62.7 in June. Average weekly hours worked declined to 34 in July, the lowest since October, and down from 34.3 in June. The report showed factories cut 7,000 jobs in July after cutting 13,000 jobs in June. Manufacturing overtime declined to 4.1 hours in July from 4.3 hours in June. The average factory workweek fell to 40.7 hours from 41.1 a month earlier. The government said service-producing companies, which include retailers, transportation companies and government agencies, added 46,000 jobs during the month after adding 68,000 in June. Retail employment rose by 12,000 after falling by 16,000 during the previous month. Construction employment dropped by 30,000 after rising by 14,000 in June. Health services jobs rose by 29,000 in July but temporary-help companies lost 35,000 positions after adding 15,000 during the previous month. [Harryl It is a trialing number, but it is not as bad as one expected at this point in the economic pullback. Worst to come????]