April 01, 2005
The employment news is not good:
FT.com / World / US - US March job gains weakest in eight months: U.S. employers created only 110,000 new jobs in March, the smallest gain in eight months, as manufacturers and retailers shed workers, the Labor Department said on Friday. The surprisingly weak March jobs number was barely half the 220,000 that Wall Street economists had forecast and came a shock to financial markets. The dollar’s value dropped immediately and bond prices shot higher on the prospect that it meant less likelihood of large interest-rate rises ahead. The March weakness was emphasized by the fact that the Labor Department also revised down the two preceding months’ job totals...
Posted by DeLong at April 1, 2005 07:52 AM