NewsMine — economy — united-states — 2004 — 2004-oct-nov — Viewing Item

US job growth weaker than expected Original Source Link: (May no longer be active)    http://reuters.myway.com/article/20041008/2004-10-08T131607Z_01_N08517776_RTRIDST_0_NEWS-ECONOMY-JOBS-DC.html http://reuters.myway.com/article/20041008/2004-10-08T131607Z_01_N08517776_RTRIDST_0_NEWS-ECONOMY-JOBS-DC.html U.S. Job Growth Weaker Than Expected Oct 8, 9:16 AM (ET) By Glenn Somerville WASHINGTON (Reuters) - U.S. businesses added 96,000 jobs to payrolls in September, the government reported on Friday, a weaker-than-expected total that was expected to sharpen a presidential debate later in the day over the economy's direction. The Labor Department report, showing the unemployment rate in September held steady at 5.4 percent, will provide fodder for the second debate between President Bush and Democratic Presidential contender Sen. John Kerry. It was the final jobs report before the Nov. 2 presidential election with polls indicating that jobs are of paramount concern to voters. The September job-creation total came in below Wall Street economists' forecasts for 148,000 new jobs. The department also revised down its estimate of August new jobs to 128,000 from 144,000 it reported a month ago. Most jobs in September came in the services sector, while manufacturers shed 18,000 jobs last month after increased hiring in the two prior months. Though four hurricanes swept through the Southeast during August and September, which Labor said likely held down employment growth, it concluded the impact was minimal. The Bureau of Labor Statistics commissioner, Kathleen Utgoff, said "we do not believe the net result of...(the hurricanes) materially changes the national employment situation, but we cannot precisely quantify the weather effects." Analysts described the jobs number as weak. "It is a disappointing number, it suggests the economy is still not growing particularly quickly," said economist David Sloan of 4Cast Ltd. in New York. The U.S. Federal Reserve has raised short-term interest rates three times this year -- from 46-year lows in June -- to 1.75 percent and analysts said the jobs report left room to keep raising them but not by much. "For the Fed, I think our view has been for a while that the next move will be the last one and that the fed funds rate stays at 2 percent until the end of 2005," predicted Jason Daw, a foreign exchange strategist at Merrill Lynch in New York. The dollar dropped sharply against the euro after the number was issued, apparently in the belief it raised questions about the durability of U.S. economic growth, while bond prices increased. Labor also said that, according to preliminary estimates, the economy added about 236,000 more jobs than previously thought in the year ended March 2004, and it will incorporate the change into benchmark revisions issued in February. After including the projected change, it appears that about 585,000 jobs have been lost since President Bush took office in January 2001.

Bush says jobless can go back to school { October 14 2004 } China rate boost may help US Consumer confidence fell seven month low Crude oil falls on speculation inventory gain Dollar and markets dive on greenspan warning { November 20 2004 } Dollar fall pushes gold above 450 { November 26 2004 } Dollar falls to nine year lows { November 4 2004 } Dollar nears record lows bond sink { November 19 2004 } Dollar struggles after stumble Dow and gold up while oil down { November 4 2004 } Economic armageddon predicted { November 23 2004 } Election day gains lost on kerry victory concerns Fears over recovery as walmart sales stall { November 28 2004 } Fed raises rate to 2 percent in november Food stamps in colorado at five year high { August 25 2004 } Gm to close baltimore plant 2005 { November 16 2004 } Gold and stocks go down together Gold heads to 16 year high Gold highest in six months as dollar slides Greenspan playing the fool { October 29 2004 } Greenspan says foreigners may curb financing deficit Imf predicts strong growth Income gap widens and uncertainty spreads { September 20 2004 } Income gap widens more families struggles { September 20 2004 } Interest rate rise by china confuses west { October 29 2004 } Job growth slows raising new concerns { October 9 2004 } Jobs created are minumum wage jobs fastfood no benefits { October 9 2004 } Ranks of areas invisible poor are increasing { October 3 2004 } Retailers usher in holiday season Stocks biggest drop four weeks after oil hike Stocks dip below 10000 mid october { October 13 2004 } Stocks dollar rise as oil drops day before election Stocks fall gold up on high oil prices { October 9 2004 } Stocks fall on producer prices report Stocks fly after bush win Stocks rally 6 days before election { May 12 2003 } Stocks rally big 7 days before election Stocks sent sliding on rash of bad news { October 23 2004 } Trade deficit second biggest ever Trade gap narrows on falling dollar Treasuries slip flustered by inflation scare US isnt concerned about dollar record falls US job growth weaker than expected US jobless rose 20 thousand to 350 thousand Files Listed: 44

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