To: Gabriel008 who wrote (56916 ) 8/7/1998 9:24:00 AM From: Mohan Marette Read Replies (1) | Respond to of 176387
Instant View-Payroll data- What they say. Gabriel: I say up. Friday August 7, 8:48 am Eastern Time INSTANT VIEW - Payrolls data seen aiding stocks NEW YORK, Aug 7 (Reuters) - Following are views of Wall Street analysts after the U.S. Labor Department reported July employment figures that were in line with expectations. The data showed payrolls rose by 66,000, slightly higher than expected and down from a revised 196,000 in June. The unemployment rate held steady at 4.5 percent, in line with expectations of economists polled by Reuters and average hourly wages rose by $0.03 to $12.79, a trace lower than the 0.3 percent rise forecast by economists. PHILIP ORLANDO, CHIEF INVESTMENT OFFICER AT VALUE LINE ASSET MANAGEMENT:''This is a good set of numbers, a very, very solid set of numbers.'' ''We saw exactly what we wanted to see, growth is decelerating but growth remains intact. The wage data shows that the inflationary environment remains benign.'' CHRIS DICKERSON, MARKET ANALYST AT GLOBAL MARKET STRATEGISTS:''I don't know if it will have any great deal of impact. There were a lot of questions about this (set of numbers) because of the GM strike, and that will impact anyone's interpretation.'' ''The data does not indicate anything new. Stocks are in their own little world right now, and won't be affected by this number at all. Today, all you are going to see is people grasping anything that will show a sign of comfort.'' WILLIAM CHENEY, CHIEF ECONOMIST FOR JOHN HANCOCK FUNDS: ''The headline number looks to me as if this is very consistent with expectations.'' ''Given (the GM strike), it suggests very much the same underlying pattern of employment growth we have had for the past few months. ''Average hourly earnings last month were peculiarly benign. In July, they were probably held down a bit by the GM strike. Given that it is right where the market expected, there will probably be a sense of relief if nothing else.'' Bonds eased after the report, with the benchmark 30-year U.S. Treasury holding to a gain of 7/32 and yielding 5.66 percent. The September Standard & Poor's 500 index future erased early losses to climb 0.5 point at 1093.