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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (290218)	7/2/2004 8:47:15 AM
From: redfish	Read Replies (5) \| Respond to of 436258

Gotta love sharply lower job growth right after a rate hike. The string is refusing to be pushed any further. Now the question is how many of the 112,000 new jobs are real new jobs and how many are assumed new jobs. I think the past two months assumed new jobs have been running over 112k. "Nonfarm payrolls rose by 112,000 in June, less than half the 244,000 expected by Wall Street economists surveyed by CBS MarketWatch. See Economic Calendar. Bonds rallied on the news, with the 10-year Treasury jumping more than a point in the first minutes of trading. Stock futures eased on the report. See full story. Employment fell by 11,000 in the manufacturing sector after four months of growth. Read the full release The unemployment rate remained at 5.6 percent as expected. The rate has been at 5.6 percent for five of the past six months. Average hourly wages rose by 2 cents to $15.65, a 0.1 percent increase, less than the 0.3 percent expected. Payroll growth in April and May was revised lower by a cumulative 37,000. Over the past three months, payroll growth has averaged 224,000 a month. Since August, the economy has created 1.5 million nonfarm payrolls jobs to a total of 131.3 million The details of the report were weak. The average workweek fell by two tenths of an hour to 33.6 hours. Total hours worked in the economy dropped 0.6 percent. In manufacturing, the average workweek fell by three tenths of an hour to 40.8 hours, while overtime was steady at 4.6 hours a week. The report comes just two days after the Federal Reserve increased its overnight lending rate for the first time in four years, citing a solid recovery and improved labor market conditions. However, the Fed also maintained that the risks to growth were balanced between too hot and too cold. After the strongest growth in 20 years over the past four quarters, there are signs of a cooling in the economy to a more sustainable pace. Orders for factory goods have fallen, consumer spending has softened and now job growth has eased, at least for one month. Fewer industries were hiring in June. Of 278 industries, 57 percent added jobs in June, down from 64.6 percent in May and the lowest since February. Of 84 manufacturing industries, 45.8 percent were hiring in June, down from 60.7 percent in May. Payroll gains were concentrated in services, which grew 122,000. Goods-producing industries lost 10,000 jobs, including 11,000 in manufacturing. Government payrolls fell by 5,000. Within services, hiring was strongest in the health-care and business services. Health care added 30,000 jobs, while professional services added 23,000 jobs. Temporary help services added 12,000 jobs. Retail jobs grew by 7,000 while transportation and warehousing jobs increased by 19,000. The separate survey of households showed employment rose by 259,000 in June to 139 million while unemployment rose by 45,000 to 8.25 million. The percentage of adults in the labor force rose to 66 percent from 65.9 percent, while the percentage of adults who were employed ticked higher to 62.3 percent. Long-term unemployment was little changed. In June, 1.8 million of the 8.25 million jobless, or 21.6 percent, had been out of work longer than six months. The average duration of unemployment fell to 19.9 weeks from 20 weeks, while the median duration rose to 10.8 weeks from 10 weeks."