Friday, April 6, 2012
Grim News: Payroll Gains in U.S. Trail Most-Pessimistic Forecasts
Thank God the markets were closed today. Hiring by American employers trailed forecasts in March, casting doubt on the vigor of the more than two-year-old economic expansion.
The 120,000 increase in payrolls reported by the Labor Department in Washington today was the smallest in five months and less than the most pessimistic estimate in a Bloomberg News survey of economists. The unemployment rate fell to 8.2 percent from 8.3 percent as people left the labor force.
Stock futures, the dollar and Treasury yields all fell as the report highlighted Federal Reserve Chairman Ben S. Bernanke’s concern that stronger economic growth is needed to keep the nation’s jobs engine humming. Today’s data also showed that Americans worked fewer hours and earned less on average per week, boding ill for the consumer spending that makes up 70 percent of the world’s largest economy…
Find out more at http://www.bloomberg.com/news/2012-04-06/payroll-gains-in-u-s-trail-most-pessimistic-forecasts-economy.html