The United States Labor Department released a deceivingly dismal report revealing an increase of 169,000 jobs and a .1 percent drop in unemployment rates.
In the past three months, job increases have averaged around just 148,000, a bleak number in comparison to the average monthly job gain in 2012 which is estimated at 183,000. Furthermore, the drop in the unemployment rate is not the product of Americans finding jobs, but Americans dropping out of the labor force,
Not all believe the bleak status of the job market is necessarily foreboding, as it may lessen the Fed’s decrease in monetary stimulus--a good sign for the stock market.
Chief Market strategist at LPL Financial, Jeff Kleintop, remarked, “This is good news [...] I don’t believe this is a game changer, but the number could reduce the size of the taper,” quotes
However, Paul Ashworth, an economist at Capital Economics, called these numbers, “a mixed bag that can be used to support an immediate tapering of the Fed’s monthly asset purchases or delaying that move until later this year.”
Following Friday’s report, spectators saw a fall in stock prices and climb in government-bond prices.
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