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.
Actress sees off speculation about her appearance in an amazing way
Review: Despite an uphill climb to see Jake Bugg in action, his performance is notably flat
- 1 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 3 Disney announces new female-led film Moana
- 4 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Australian jihadist Abdullah Elmir vows Isis will fight 'until black flag is on the top of Buckingham Palace'
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Of course, teenage girls need role models – but not like beauty vlogger Zoella
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...