Jobs Report: Friday's Headlines - TheStreet

Jobs Report: Friday's Headlines

The Labor Department said nonfarm payrolls grew by 431,000 in May, which was below economists' consensus target of 500,000.
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) -- Here are the top stock market headlines for the morning of Friday, June 4, 2010.

Friday's Early Headlines

  • U.S. Economy Adds 431,000 Jobs in May -- The Labor Department said nonfarm payrolls grew by 431,000 in May, which was below economists' consensus target of 500,000. Much of the gain was due to government hiring for the 2010 Census, totaling 411,000 temporary workers, while private employment grew by only 41,000. Also on the downside, March and April data were revised to show 22,000 fewer jobs. May's gain, the fastest pace in 10 years, lowered the unemployment rate lower to 9.7% from 9.9% in April.
  • BP Aims to Contain Oil Spill Flow with Cap -- BP (BP) - Get Report placed a cap over the blown-out well in the Gulf of Mexico but it was impossible to tell Friday morning if BP's latest attempt to stop the flow of oil was a success. Robots a mile beneath the Gulf of Mexico positioned the inverted funnel-like lid over the main pipe on the leaking well on Thursday night, the Associated Press reports. "I'd like to see us capture 90 plus percent of this flow. I think that's possible with this design," BP Chief Operating Officer Doug Suttles said during an appearance on the CBS "Early Show." Live video footage showed oil still was flowing out of the well.
  • AIG Wants to Explore Options for Asia Unit -- American International Group (AIG) - Get Report CEO Robert Benmosche wants time to explore options besides a public offering for its Asian life unit after a deal to sell it to Prudential PLC (PUK) - Get Report was terminated, a source familiar with the matter told Reuters. Benmosche wants to explore other options for American International Assurance, including selling parts of the business, after AIG's board on Monday voted down a sale to Prudential at a reduced price, the report.
  • Naoto Kan Named Japanese Prime Minister -- Naoto Kan was named Japan's new prime minister, the sixth in just four years. Kan served as finance minister under Yukio Hatoyama, who resigned Wednesday after his popularity plunged over a broken campaign promise to move a U.S. Marine base. He came to power just eight months ago.
  • Yahoo! Names New Chief Technology Officer -- Yahoo! (YHOO) named Raymie Stata as the Internet company's new chief technology officer. Stata replaces Ari Balog who said in April he was leaving the company for personal reasons. Stata, 42 years old, has been at Yahoo! since 2004, most recently as chief architect.
  • Toyota Directors Get Pay Cut -- Toyota (TM) - Get Report directors took an 11% reduction to their compensation last year and no bonuses, The Wall Street Journal reports. To make up for losses suffered by the world's No. 1 automaker, directors returned a portion of their monthly compensation throughout the period.
  • McDonald's Recalls 12 Million 'Shrek' Glasses -- McDonald's (MCD) - Get Report is recalling 12 million "Shrek"-themed drinking glasses being sold nationwide after cadmium has been discovered in the painted design. McDonald's said it would post instructions on its Web site next week regarding refunds for the drinking glasses, which are being sold for about $2 each to promote the film "Shrek Forever After."

-- Written by Robert Holmes in Boston


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