Manufacturing lags as US jobs total rises by 300,000
Saturday 06 June 1998
The data confirmed that the US Federal Reserve faces a difficult decision over whether to increase interest rates. But Wall Street took a benign view, preferring to focus on the positive impact on second-quarter profits rather than the inflationary risks.
The Dow Jones Industrial Average was up more than 100 points by early afternoon, at 8974.44. That reaction helped the FTSE 100 index climb nearly 87 points to 5,947.3, more than recovering from the previous day's setback.
The US unemployment rate was stable at 4.3 per cent in May, remaining at the 28-year low recorded in April. But the economy added 296,000 jobs, far more than expected.
The job gains came in the domestically oriented service sector, with an increase of 322,000. New jobs were added in temporary help firms, retailing, data processing, computers and finance.
Manufacturing employment declined slightly by 26,000, with a loss of jobs in the clothing industry, electronic equipment, industrial machinery and car manufacturing.
"It is reasonable to suspect that at least some of the recent declines in manufacturing employment and hours are related to Asia's economic problems," said Katharine Abraham of the Bureau of Labour Statistics.
Average hourly earnings rose by four cents in May, and have risen 4.4 per cent over the past year - faster than consumer price inflation.
Is your name now 'banned' in Saudi Arabia?
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Missing Malaysia Airlines Flight MH370: Any terrorist seizure of the plane ‘would have required one hell of a piece of planning’
Croatia's second city to close 'worst zoo in the world' after reports of 'nightmare' conditions and 'depressed' animals
Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Ukip and Nigel Farage on course for remarkable victory in European elections
Tony Benn was entirely ineffectual - and usually wrong
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Exclusive: World’s most pristine waters are polluted by US Navy human waste
- 3 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 4 Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...