- The Big Picture - http://www.ritholtz.com/blog -
Strong Payrolls: 288k
Posted By Barry Ritholtz On May 7, 2004 @ 9:55 am In Finance | Comments Disabled
Strong Payrolls moves the timetable up for the 1st Fed hike to June — Fed fund futures are now pricing in a 100% chance of a a 25 basis hike in June.
Here’s the dope:
WASHINGTON – U.S. payrolls rose at a rapid pace for a second month in a row, boosting expectations for an increase in interest rates. Job growth was widespread, with the manufacturing sector posting the biggest increase in nearly four years.
Nonfarm business payrolls grew by a net 288,000 jobs in April, raising the total to 1.1 million over the last eight months, the Labor Department said Friday. The government also reported 66,000 more jobs were created during March and February than initially estimated. The unemployment rate, meanwhile, dropped a tenth of a percentage point to 5.6% in April.
The Labor Department said job growth in April was “widespread for the second consecutive month.” The service-producing industry added 246,000 jobs. The professional and business-services industry added 123,000 jobs; within that category, 35,000 of the job gains were temporary-help positions. Temporary-help jobs have grown by 261,000 over the last year. The manufacturing industry added 21,000 jobs, marking the biggest increase in nearly four years. The construction industry added 18,000 jobs, down from 65,000 in March. The leisure and hospitality industry added 36,000, while government jobs increased by 8,000.
Strong Gain in Payrolls Boosts Expectations for Rate Increase 
WALL STREET JOURNAL
May 7, 2004 9:08 a.m.
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2004/05/strong-payrolls-288k/
URLs in this post:
 Strong Gain in Payrolls Boosts Expectations for Rate Increase: http://online.wsj.com/article/0,,SB108393296599205162,00.html
Copyright © 2008 The Big Picture. All rights reserved.