Job Loss Far Below Expectations

To be sure, there's no shortage of economic data suggesting that growth is in peril. On Tuesday, Standard & Poor's reported that its Case-Shiller home price index of 20 cities fell by 12.7% in February vs. last year, the largest decline since its inception in 2001. Seventeen of the 20 metro areas reported record annual declines.

Also, the Conference Board said that its Consumer Confidence Index, which declined sharply in March, fell again to 62.3 in April. That's down from the revised 65.9 last month and 76.4 in February. The consumer sentiment index, tracked by the University of Michigan, has also dropped to its lowest levels in over a quarter-century after the U.S. recorded three-straight months of declines in the job market.

Friday's jobs report showed that the service-sector of the economy added 90,000 jobs in April after adding just 8,000 for the whole first quarter. Business and professional services companies added 39,000 jobs, reversing a sharp decline in March, and the financial sector added jobs for the first time in nine months. Education and health services employment rose 52,000, leisure and hospitality businesses added 18,000 new jobs and the government added 9,000 jobs.

But there were also declines in April. Goods-producing industries lost 110,000 jobs, with manufacturing firms cutting 46,000 jobs. Construction employment was down by 61,000, marking that sector's tenth straight month of declines. The residential real estate construction industry was hit particularly hard, as the housing downturn continued to take a toll.

« Previous Page

1 2 3

Next Page »