NUMBER OF NEW U.S. JOBS DOUBLED MAY EXPECTATIONS, REPORT SHOWS.Byline: Charles Stein
The U.S. economy created a surprisingly large number of jobs in May, news that brought relief to job seekers job seeker also job·seek·er n. One who seeks employment. and anxiety to those who fear strong growth will prompt the Federal Reserve to boost interest rates in a bid to prevent rising inflation. The government Friday reported a gain of 348,000 jobs in May, roughly twice as many as forecasters had predicted. At the same time, the government revised its estimate of April job growth to 163,000, up from an original estimate of just 2,000. ``The economy is firing on all cylinders,'' said Nancy Kimelman, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at Technical Data in Boston. In a brief news conference Friday morning, President Clinton hailed the jobs report ``as fresh evidence that the American economy is growing strong and steady.'' A strong economy is a mixed blessing mixed blessing Noun an event or situation with both advantages and disadvantages mixed blessing n it's a mixed blessing → tiene su lado bueno y su lado malo for the stock market. Stronger growth translates to higher corporate earnings, a plus for equity investors. On the flip side Flip side In the context of general equities, opposite side to a proposition or position (buy, if sell is the proposition and vice versa). , that same growth can push up interest rates. Investors now assume that the Federal Reserve will hike interest rates at its next meeting in early July. |
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