By Patrice Hill THE WASHINGTON TIMES October 7, 2006
The nation's unemployment rate fell to 4.6 percent last month, down from 4.7 in August, and average wages rose by 4 percent over the previous year -- the best performance for both measures in five years.
The monthly Labor Department report released yesterday revealed that 51,000 new jobs were reported last month, a disappointing figure, but job gains were stronger than reported earlier for the previous year and a half.
"The economy is actually stronger than these employment numbers suggest," said Bernard Baumohl, executive director of the Economic Outlook Group, a Princeton, N.J., economic-advisory firm. The figures were mixed and elicited widely varying reactions from financial markets and analysts.***continued
The figures were mixed and elicited widely varying reactions from financial markets and analysts?
The stock market declined after focusing on the weakness in job growth, which was the lowest new-jobs figure since Hurricane Katrina blew a hole in the economy last year, and included sizable job losses in manufacturing and retail trade as factories and stores continued to retrench.
Now something here really puzzles me. "The stock market declined after focusing on the weakness in job growth".
A revision in the number of jobs created in August, to 188,000, and a huge revision adding 810,000 to the number of jobs created between March 2005 and March 2006 sparked fears of inflation in the bond market and suggested an underlying strength in the labor market that is unlikely to dissipate anytime soon.
I would very much like for someone to make up their minds, how can there be a "weakness in job growth"."an underlying strength in the labor market that is unlikely to dissipate anytime soon? I mean how is that possible?
And it does seem that both contradictory statements are uttered in tones of dire portent?
About that "The stock market declined after focusing on the weakness in job growth"?
Does that seem odd when<
Dow Jones industrial average surges to new closing high as oil prices plummet
By Ellen Simon
2:15 p.m. October 3, 2006
NEW YORK – The Dow Jones industrial average finally reached new heights Tuesday, extending Wall Street's seven-year recovery with a record closing level after climbing into uncharted territory in trading earlier in the day.
The index of 30 blue chip stocks ended the session at 11,727.34, wiping out the previous record of 11,722.98.
Earlier, the Dow crossed its old trading high of 11,750.28, rising up to 11,758.95. Both of the previous records were set Jan. 14, 2000.
Yes the DOW Jones has broken it's Historical high twice recentlyand,
Tuesday's advance came on the second straight day that oil prices fell sharply, helping to calm fears about inflation and possible interest rate increases. But the market as a whole has been choppy, with traditionally defensive stock sectors such as pharmaceuticals and utilities leading the market higher since its May and June decline, said Doug Johnston, head of U.S. trading at Adams Harkness in Boston.
“I think we break out to the all-time high, then we could get a blow-off correction off of that,” Johnston said.
What obstacle had to be overcome for the Stockmarket to reach such heights?
To reach new highs, the Dow had to recover not only from the high-tech collapse, but also recession and the effects of the Sept. 11, 2001, terror attacks. The stock market was further shaken by corporate scandals at companies including Enron Corp. and WorldCom Inc., and the Dow sank to a five-year closing low of 7,286.27 on Oct. 9, 2002, nearly 38 percent off its record high close.
The market's recovery was helped by more than four years of solid corporate profit growth, and more recently, the Federal Reserve's decision to halt its more than two-year string of interest rate hikes
The decline in oil prices was the catalyst of the day. A barrel of light crude settled at $58.68, down $2.35, on the New York Mercantile Exchange.
Oil prices have had a stunning fall from their intraday high for the year of $78.40 a barrel, reached in July. Other commodity prices have dropped as well, with gold descending from prices earlier this year that it hadn't seen for three decades.
I noticed the Oil Price dropped reflect at the pumps in my City $1.969/gal. Gas under $2/gal?
But doesn't it seem like some are trying desperately to create an image of crisis?
They must be grateful for the recent Dirty IM scandal in Congress, because I really think to an unbiased observer (which I admit I am not) that the Economy is not cooperating at all.
We all better go fill up our gas tanks now, and if you would like a new and better job? Sounds like a good time to look for one and don't forget this
and average wages rose by 4 percent over the previous year and that looks pretty good when compared with this inflation rate chart, it means our salaries buy more now, That's good isn't it?
Or maybe not there must be someway to make that a bad trend too.
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***Stock Market ***DOW Jones*** Katrina
***Inflation >***Oil Prices>***Gas Prices