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Friday, June 04, 2004

More Jobs

More good economic news, this time reported in the The Guardian:
Another 284,000 jobs were created by the US economy in May as signs that the country's "jobless recovery" was over grew, Labour Department statistics showed today.

The number of new non-agricultural jobs exceeded Wall Street expectations of 200,000, strengthening expectations that the Federal Reserve would start raising interest rates from their current 46-year low of 1%.

Further evidence that strong economic growth was finally feeding into the job market was provided when jobs growth in April and March was revised upwards by a total of 74,000.

Over the past three months, the US economy created 947,000 jobs, the best three-month gain since the summer of 2000. [...]

Many economists now expect the economy to generate around 200,000 jobs a month for the remainder of this year - a pace that would meet the White House's once-derided forecast of a 2.6 million increase in job numbers this year.

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