The Economy Has Faint A Pulse

Posted on | May 2, 2008 | No Comments

The April Jobs Report is out and the news is sort of…kind of…good (for now).

Employers eliminated ONLY 20,000 (nonfarm) jobs in April–the fewest monthly losses so far this year.  That’s good when you consider that 81,000 jobs were cut in March.

The unemployment rate dropped to 5 percent, from 5.1 percent.

News of the April Jobs Report sparked the market to close up 48.20 points.  And, that pretty well covers the good news portion of the report.

But, there’s more to the economy’s faint sign of life than the April Jobs Report.

There’s the Fed’s indication that it might hold interest rates steady, which drove the dollar’s value up to a five-week high against the euro.  That has made U.S. assets more attractive to overseas buyers.  And, here at home, food prices have eased.

Other Bits You Should Know:

• The number of persons working part-time increased by 306,000 in April to 5.2 million due to hours hours being cut back or workers’ inability to find full-time employment.

• The average duration of unemployment is now 16.9 weeks, up from 16.2 weeks.

• Construction companies, manufacturers (especially auto and parts manufacturers), retailers (especially building materials and garden centers), mortgage brokers and temporary help firms were among those shedding jobs in April.

• Job losses eclipsed gains in education, health, hotels and motels, bars and restaurants, and the government.

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