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Somthing stupid, bank on it.
lol
----- Original Message -----
Sent: Friday, November 07, 2003 3:20
PM
Subject: RE: [Sndbox] Economy
Sizzles
Wonder what the dems will say
now?
Charles
Mims
(CBS MarketWatch) The U.S. labor market is much
stronger than earlier thought, as the economy added more than a quarter
million jobs over the past three months, the Labor Department said Friday.
The U.S. economy added 126,000 payroll jobs in October after a revised
gain of 125,000 in September, more than double the 57,000 originally reported,
the Labor Department estimated Friday.
August's 41,000-job loss was
revised to a gain of 35,000.
The unemployment rate sank to 6 percent,
the lowest rate since April, the department said. Total hours worked in the
economy rose 0.4 percent to the highest level since January.
Economists were expecting a gain of about 56,000 in October, according
to a survey conducted by CBS MarketWatch. They also expected the jobless rate
to remain at 6.1 percent.
"We can finally put the nail in the coffin
of the jobless recovery," said Ken Mayland, president of ClearView Economics.
"We are back on a rising job track."
In Winston-Salem, N.C., President
Bush sought support in a Southern state that's losing manufacturing jobs with
the argument that his tax cuts, free-trade policies and worker-training
proposals will ensure better days ahead.
"This administration has laid
the foundation for greater prosperity and more jobs across America," Mr. Bush
said.
The turnaround in the labor market had been anticipated for
months, but strong productivity growth had delayed any desire on the part of
businesses to hire new workers.
Economists say the economy needs to
add at least 150,000 jobs a month to absorb the population growth.
Policymakers seemed confident that job growth was strengthening.
Although there are risks, "the odds ... do increasingly favor a
revival in job creation," said Federal Reserve Chairman Alan Greenspan in a
speech Thursday. His Fed colleague, Gov. Ben Bernanke, concurred.
"I
find it reasonable to expect that job growth will being to pick up in the next
quarter or two," Bernanke said.
The job gains are welcome news for the
Bush administration, which has been predicting strong job growth as a result
of its tax cuts.
Nearly half of the 278 industries added workers in
October. Most service sectors were hiring, but manufacturing industries
continued to decline but at a slower pace than earlier in the year.
Services added 143,000 jobs in October. Manufacturing cut 24,000, the
39th straight monthly decline in factory jobs.
Within services, retail
added 30,000, professional services add 43,000 and education and health
services added 56,000. Temporary help services - seen as an earlier harbinger
of permanent jobs - rose by about 17,000.
The average workweek rose by
6 minutes to 33.8 hours, the highest since March. The average workweek in
manufacturing held steady at 40.5 hours, with 4.2 hours of overtime.
Average hourly earnings rose 1 cent or 0.1 percent to $15.46. Wages
have risen 2.4 percent year-over-year, the lowest since 1994.
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