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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (24380)	8/6/2003 1:02:51 AM
From: TigerPaw	Respond to of 89467

Rove needs another terrorist attack to stop Dean. If Al Qaeda won't provide, then Junior's team will have to do it again. TP

To: Lizzie Tudor who wrote (24380)	8/6/2003 11:54:27 AM
From: stockman_scott	Respond to of 89467

Service Sector Surged At Record Pace In July, But More Layoffs Seen BY JED GRAHAM INVESTOR'S BUSINESS DAILY Feature Story Wednesday, August 6, 2003 investors.com The economy's service sector in July grew at its fastest pace in at least six years even as corporate layoff announcements surged, two reports revealed Tuesday. The Institute for Supply Management's gauge of business activity in the nonmanufacturing sector jumped to 65.1 from 60.6 in June, hitting a record for the survey that dates back to July 1997. Wall Street had expected the index to ease to 58, reflecting moderating growth. Instead, it showed accelerating activity for the fourth straight month after a dip below the 50 level that indicated contraction in March. July's service-sector strength "suggests that the economy was a loaded spring in the first half of the year, and it has sprung," wrote Brian Wesbury, chief economist at Griffin, Kubik, Stephens & Thompson. "Growth in the second half of 2003 may surprise even the most optimistic." But the stronger growth scenario didn't help bonds or stocks. The yield on the 10-year Treasury rose 9 basis points to 4.40%. The Nasdaq tumbled 2.3% to a one-month low, and the S&P 500 sank 1.8% to a two-month low. The ISM survey, which queries purchasing and supply executives from 17 industry groups, found 38% saw increasing business in July, while 12% saw reduced activity. The other 50% saw stable activity. The fastest growth was seen in construction, agriculture, financial services, retail and communications. More Growth Ahead The report's new orders index soared to a record 66.9 from 57.5, the biggest jump in the history of the series. An index tracking service sector employment edged up to 50.7 from 50.3, the best since January 2001. That's consistent with July's 23,000 increase in service-sector payrolls reported by the Labor Department Friday. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The robust report on services follows last week's ISM manufacturing survey, which showed the economy's weakest sector is also picking up steam. The comparable factory activity gauge rose to 53.3 from 52.9 in June. The headline ISM manufacturing figure, which combines employment, new orders and other key indicators, rose to 51.8 from 49.8. But clear evidence of stronger economic growth has been slow to reach the labor market, though a sharp drop in new jobless claims in recent weeks has raised hopes. Corporate layoff announcements in July jumped to 85,117 from June's 59,715, a 31-month low, the outplacement firm Challenger, Gray & Christmas said Tuesday. Among the biggest cuts, textile maker Pillowtex said it would liquidate, eliminating 6,500 jobs. Kodak announced up to 6,000 layoffs, saying it will cut administrative jobs and shift some factory work to Mexico and China. Boeing said it would cut up to 5,000 jobs in its commercial jet unit. And May Department Stores said it would close 32 Lord & Taylor stores, cutting 3,700 jobs. Governments and nonprofits have shed 145,862 jobs in 2003 as states face budget crises. "I don't think we'll see employment pick up much probably until the end of the year," said David Wyss, chief economist at Standard & Poor's. But that shouldn't derail the consumer, he says. "What counts for spending is income, and income is getting a big boost from the tax cuts," he said.

To: Lizzie Tudor who wrote (24380)	8/6/2003 12:38:55 PM
From: stockman_scott	Respond to of 89467

Message 19183897