Employment gains slow, jobless rate drops

Employment gains slow, jobless rate drops

WASHINGTON (Reuters) - Payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.

Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October. Economists polled by Reuters had expected nonfarm employment to increase 203,000 and the jobless rate to hold at 8.3 percent.

The weak employment growth last month likely reflected the fading boost from unseasonably warm winter weather. The payrolls count for January and February was revised to show just 4,000 more jobs created than previously reported.

The drop in the unemployment rate, to the lowest level since January 2009, reflected a drop in the labor force. The separate household survey, from which the jobless rate is derived also showed a drop in employment.

The weak employment gains could hurt President Barack Obama's chances for re-election in November. The unemployment rate has fallen from 9.1 percent in August.

The painfully slow recovery in the labor market is a concern for Fed Chairman Ben Bernanke, who is keeping open the option of further monetary policy support for the economy if the unemployment rate remains stubbornly high.

Minutes of the Fed's March policy meeting released this week showed policymakers seeing a broadening of the economic recovery, leaving them slightly less inclined to launch a third round of bond purchases, known as quantitative easing, to spur growth.

The private sector added 121,000 new positions in March, while government employment edged down 1,000.

Manufacturing enjoyed another month of strong job gains, with factories adding 37,000 new positions, helped by carmakers trying to meet pent-up demand for motor vehicles. Factory jobs increased by 31,000 in February.

Construction hiring fell 7,000, the second straight monthly decline. In the huge service sector, gains were in healthcare, professional and business services categories. Temporary help fell 7,500 after rising 54,900 in February.

Despite the weak employment gains last month, average hourly earnings rose 5 cents.

The workweek dipped to 34.5 hours from 34.6 hours in February.

(Reporting By Lucia Mutikani; Editing by Neil Stempleman

Federal judge approves $25 billion mortgage pact

Obama holds news conference, unveils housing plan

Bernanke stands by plan to keep record-low rates

Home prices tumble in December:

NEW YORK (Reuters) - Single-family home prices ended 2011 on a downbeat note as a drop in prices in December sent the seasonally-adjusted index to its lowest level since 2003, a closely watched survey said on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.5 percent on a seasonally adjusted basis, in line with economists' expectations, after falling 0.7 percent in November.

The 20-city index fell to 136.63, the lowest level since January 2003.

"After a prior three years of accelerated decline, the past two years has been a story of a housing market that is bottoming out but has not yet stabilized. Up until today's report we had believed the crisis lows for the composites were behind us," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

"The pick-up in the economy has simply not been strong enough to keep home prices stabilized. If anything it looks like we might have reentered a period of decline as we begin 2012."

Home prices tumble in December: Prices in the 20 cities dropped 4.0 percent year over year, topping expectations for a drop of 3.6 percent.

Arizona Biltmore Estates

Jobless claims drop, while housing starts rise. Greece is running out

U.S. stocks were rising on a spate of better than expected U.S. economic data.

The Dow Jones Industrial Average ($INDU +0.53%) was rising 68.1 points at 12,849. The S&P 500 ($INX +0.39%) was gaining 4.8 points at 1,348 and the Nasdaq ($COMPX +0.48%) was up 11.5 points at 2,927.
 

Stocks closed lower Wednesday as reports that Greece's creditors are delaying the country's bailout eclipsed news that China may provide financial support to the eurozone.<!--EndofExcerptMarker-->

The number of Americans seeking first-time unemployment benefits fell 13,000 to 348,000 in the week ended Feb. 11 from a revised 361,000 the previous week, according to a Labor Department report. Economists expected claims to rise to 365,000 from an originally reported 358,000.

Housing starts rose 1.5% to a seasonally adjusted 699,000 in January from a revised 689,000 in December, according to a Census Bureau report. Economists had expected starts to climb 2% to 670,000. Building permits rose 0.7% to 676,000 for the month. Single-family building permits rose 0.9% to 445,000 from a revised 441,000 in December.

Producer prices rose 0.1% in January according to the Labor Deaprtment's producer price index. Excluding food and energy, producer prices rose 0.4%

Unemployment applications drop to a 4-year low

WASHINGTON (AP) - The number of people seeking unemployment benefits fell to the lowest point in almost four years last week, the latest signal that the job market is steadily improving.

Weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000, the Labor Department said Thursday. It was the fourth drop in five weeks and the fewest number of claims since March 2008 — six months before Lehman Brothers collapsed and only a few months into the Great Recession.

The four-week average, which smooths out fluctuations in the weekly data, fell for the fifth straight week to 365,250. The average has fallen nearly 13 percent in the past year.

The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

Jeremy Lawson, a senior economist at BNP Paribas, said the report points to solid hiring this month, similar to the average net gain of about 200,000 in the past three months.

"Most indicators are pointing in the same direction: a healthy job market," Lawson said. The additional jobs will provide more income for consumers and support greater spending, an importance source of growth.

In January, the economy added a net 243,000 jobs, the most in nine months. And the unemployment rate dropped for the fifth straight month, to 8.3 percent. The economy has added an average of 201,000 jobs per month for the past three months.

Faster economic growth is spurring the additional hiring. The economy expanded at an annual rate of 2.8 percent in the final three months of last year — a full percentage point higher than in the previous quarter.

Most economists expect growth to slow in the current quarter, because companies won't need to rebuild their stockpiles of goods as much as they did last winter.

But there are signs that the economy is still expanding at a healthy rate. Factory output got off to a robust start this year, and it ended 2011 with the fastest growth in five years, the Federal Reserve said Wednesday.

Factories are adding jobs to keep up with higher demand. Manufacturers added 50,000 jobs last month, the most in a year.

In addition, retail sales rebounded last month after a sluggish holiday season. The gain suggests that the recent job growth is supporting more consumer spending.

Still, the job market has a long way to go before it fully recovers from the damage of the Great Recession. Nearly 13 million people remain unemployed. And 8.3 percent unemployment is still painfully high.

One reason the unemployment rate has fallen for five straight months is that many people have stopped looking for work. The government counts people as unemployed only if they are actively looking for a job.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

18 financial facts about Valentine's Day

Who doesn't love Valentine's Day?

Apparently, almost nobody.

To prove it, here are a few fond financial facts from the National Retail Federation that you can whisper into your lover's ear -- along with several bits of other Valentine's Day trivia -- while you're both cuddling by the fireplace on Feb. 14. Or not.

• Valentine's Day is big business. In fact, Americans are expected to spend more than $17 billion this year on everything from candy and flowers to romantic dinners and lingerie. That's an increase of more than 8.5% from what consumers said they would spend in 2011.
• More to the heart of the matter, the average Don Juan will spend $126.03 this year on the object of his affection. That's $9.82 more than last year.
• According to the U.S. Census Bureau, there were 2.1 million marriages in 2009 alone. Of those, 108,000 were performed in Nevada. I don't know how many were officiated in Sin City by an Elvis impersonator at the Viva Las Vegas Wedding Chapel, but if you're interested, the going rate is $260.
• The Census Bureau also notes that one out of five people like getting married so much, they end up doing it again with somebody else. One in 20 takes a trip down the aisle three times or more.
• Thirty-six percent of all Valentine's Day celebrators will buy flowers this year for their true love, spending $1.8 billion. Maybe that's why census data show that there were 17,124 florists in America as of 2009.
• Oh, sure, you can easily find a florist in places like Valentine, Neb., and Romeo, Mich. Somewhat ironically, though, you'll be hard-pressed to find even one flower shop in Loving, N.M., or Rose City, Texas. 
•  
  • As you might expect, the most popular Valentine's Day gift in America this year will be candy. In fact, 50.5% of all romantics will spend $1.5 billion on the stuff. Still, that's $500 million less than folks spent on Halloween candy last year.
  • Don't feel too bad if you didn't know that the first Valentine's Day chocolate box was introduced in 1868 by Richard Cadbury. You've got some explaining to do, however, if you didn't know he's the same guy who founded the Cadbury chocolate company.
  • And while candy may be dandy, according to online men's magazine AskMen, if you're looking to score major points with your significant other this year, your best bet is jewelry, followed by couples dance lessons, a spa massage gift certificate, a jewelry box and perfume.
  • No doubt that explains why more people than ever are expected to buy gold jewelry and other shiny finery for their steadies this Valentine's Day -- 18.9%, to be exact. And they'll spend $4.1 billion doing it.
  • The most popular jewelry item in the U.S. is the solitaire engagement ring. That's followed by wedding bands, diamond earrings, strings of pearls, and heart-pendant necklaces.
  • Then again, what do we men know? According to a 2011 poll by iVillage, a website firmly geared toward the fairer sex, when it comes to tangible Valentine's Day gifts, more women said they would prefer a romantic dinner over anything else, apparently including jewelry. Uh-huh. I have trouble buying that one too.
  • Whatever you do, fellas, just make sure you get something. That same poll found eight out of 10 women were definitely expecting a gift on Valentine's Day.
  • The good news is, the ladies don't expect their men to break the bank; 86% said they'd be happy with a gift under $55.
  • Of course, if you're one of the 3% of pet owners who will be spending $4.52 on their furry friends this Valentine's Day, giving a gift to your sweetheart that doesn't cost anything at all probably isn't a good idea.
  • At the very least, you should probably get your Romeo or Juliet a Valentine's Day card. You certainly won't be alone; America will spend $1.1 billion on them this year.
  • According to the Greeting Card Association, more than 190 million greeting cards are exchanged in the U.S. on Valentine's Day -- and 1 billion worldwide. Only Christmas is more popular for cards.
  • Speaking of Valentine's greetings, the first is credited to poet Geoffrey Chaucer, who wrote in 1382: "For this was on seynt Volantynys day, whan euery bryd comyth there to chese his make." I know.

Global markets rise after Greece austerity vote

LONDON (AP) - Global markets rose on Monday after Greece's parliament approved a new set of austerity measures required by international lenders in exchange for a bailout that would save the country from bankruptcy next month.

Drastic cuts in civil service jobs, minimum wages and welfare were among the reforms that lawmakers approved in Athens, where anti-austerity rioters clashed with police and torched 45 buildings. The protests, part of a surge in sentiment against the foreign demands for cuts, saw 68 police and 70 protesters hospitalized.

Eurozone finance ministers will meet Wednesday to decide whether to rubber stamp the euro130 billion ($170 billion) bailout package. Before then, they will want a written commitment from the Greek party leaders that they will adhere to the austerity reforms even after an April general election.

Without the bailout, and a related bond swap deal with private creditors, Greece will be pushed into a disorderly default on bond repayments next month, likely pressing it into a disruptive exit from the euro common currency. That would see cause the country's financial sector to collapse, fueling further social unrest and destabilizing the wider European and global markets.

Analysts at Credit Agricole CIB noted in an email to clients that the parliament vote "did not come without major cost in the form of escalating protests and violence within Greece."

Global markets rise after Greece austerity vote. Between now and the looming Greek bond repayment on March 20, there is also the risk that some private creditors may resist the deal to swap their bonds for new ones with a lower value.

Although there remain significant hurdles to Greece's rescue, the parliamentary vote in Athens was enough to boost sentiment.

"At least for today the market tone will be a positive one as attention shifts to a meeting of EU finance ministers on Wednesday," the note said.

Britain's FTSE 100 rose 0.9 percent to 5,906.48 while Germany's DAX added 0.7 percent to 6,741.94 and France's CAC-40 gained 0.6 percent to 3,394.76 after Japan's Nikkei 225 closed 0.6 percent higher at 8,999.18.

Wall Street also appeared headed for a higher opening, with Dow Jones industrial futures up 0.5 percent to 12,830 and S&P 500 futures gaining 0.7 percent to 1,349.30.

Looking ahead, investors will also prepare for the release of European economic growth figures on Wednesday. They are expected to show economic activity in the 17-nation eurozone contracting in the fourth quarter, leaving the region with one foot in recession — the bloc is widely expected to have shrunk again in the first quarter. Those figures will not be available until the spring.

In Asia, Hong Kong's Hang Seng gained 0.5 percent to 20,887.40 and South Korea's Kospi added 0.6 percent to 2,005.74.

In mainland China, the benchmark Shanghai Composite Index ended virtually unchanged at 2,351.86 while the Shenzhen Composite Index gained 1 percent to 912.31. Benchmarks in Taiwan, Singapore and Indonesia also rose.

Chinese property shares plummeted after the city of Wuhu in eastern China, announced it was suspending plans it announced last week to subsidize some home purchases and give tax breaks to help support the local market.

That news, suggesting an easing of curbs on the real estate market, pushed property and related shares higher late last week.

State-run newspapers carried prominent coverage Monday of comments by Premier Wen Jiabao reaffirming the central government's determination to keep curbs on the real estate market to prevent a resurgence of the property speculation that helped drive prices to levels unaffordable for most Chinese families.

Benchmark crude for March delivery was up $1 at $99.67 in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $98.67 on the Nymex on Friday.

In currency trading, the euro jumped to $1.3261 from $1.3170 late Friday in New York. The dollar rose to 77.73 yen from 77.60 yen.

LONDON (AP) - Global markets rose on Monday after Greece's parliament approved a new set of austerity measures required by international lenders in exchange for a bailout that would save the country from bankruptcy next month.

Drastic cuts in civil service jobs, minimum wages and welfare were among the reforms that lawmakers approved in Athens, where anti-austerity rioters clashed with police and torched 45 buildings. The protests, part of a surge in sentiment against the foreign demands for cuts, saw 68 police and 70 protesters hospitalized.

Eurozone finance ministers will meet Wednesday to decide whether to rubber stamp the euro130 billion ($170 billion) bailout package. Before then, they will want a written commitment from the Greek party leaders that they will adhere to the austerity reforms even after an April general election.

Without the bailout, and a related bond swap deal with private creditors, Greece will be pushed into a disorderly default on bond repayments next month, likely pressing it into a disruptive exit from the euro common currency. That would see cause the country's financial sector to collapse, fueling further social unrest and destabilizing the wider European and global markets.

Analysts at Credit Agricole CIB noted in an email to clients that the parliament vote "did not come without major cost in the form of escalating protests and violence within Greece."

Between now and the looming Greek bond repayment on March 20, there is also the risk that some private creditors may resist the deal to swap their bonds for new ones with a lower value.

Although there remain significant hurdles to Greece's rescue, the parliamentary vote in Athens was enough to boost sentiment.

"At least for today the market tone will be a positive one as attention shifts to a meeting of EU finance ministers on Wednesday," the note said.

Britain's FTSE 100 rose 0.9 percent to 5,906.48 while Germany's DAX added 0.7 percent to 6,741.94 and France's CAC-40 gained 0.6 percent to 3,394.76 after Japan's Nikkei 225 closed 0.6 percent higher at 8,999.18.

Wall Street also appeared headed for a higher opening, with Dow Jones industrial futures up 0.5 percent to 12,830 and S&P 500 futures gaining 0.7 percent to 1,349.30.

Looking ahead, investors will also prepare for the release of European economic growth figures on Wednesday. They are expected to show economic activity in the 17-nation eurozone contracting in the fourth quarter, leaving the region with one foot in recession — the bloc is widely expected to have shrunk again in the first quarter. Those figures will not be available until the spring.

In Asia, Hong Kong's Hang Seng gained 0.5 percent to 20,887.40 and South Korea's Kospi added 0.6 percent to 2,005.74.

In mainland China, the benchmark Shanghai Composite Index ended virtually unchanged at 2,351.86 while the Shenzhen Composite Index gained 1 percent to 912.31. Benchmarks in Taiwan, Singapore and Indonesia also rose.

Chinese property shares plummeted after the city of Wuhu in eastern China, announced it was suspending plans it announced last week to subsidize some home purchases and give tax breaks to help support the local market.

That news, suggesting an easing of curbs on the real estate market, pushed property and related shares higher late last week.

State-run newspapers carried prominent coverage Monday of comments by Premier Wen Jiabao reaffirming the central government's determination to keep curbs on the real estate market to prevent a resurgence of the property speculation that helped drive prices to levels unaffordable for most Chinese families.

Benchmark crude for March delivery was up $1 at $99.67 in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $98.67 on the Nymex on Friday.

In currency trading, the euro jumped to $1.3261 from $1.3170 late Friday in New York. The dollar rose to 77.73 yen from 77.60 yen.Global markets rise after Greece austerity vote

Consumer mood worsens in early February on income worries

Companies hiring this month

There's been a lot of good news surrounding employment lately. In the recent State of the Union address, for example, President Obama pointed out that the economy has regained more than 3 million jobs in the last 22 months. Plus, in the last half of 2011,Companies hiring this month the economy added at least 100,000 jobs per month, helping to bring the unemployment rate down to 8.5 percent in December 2011, the lowest rate since February 2009.

 

Companies hiring this month. While the positive news is certainly a welcome change from the negativity that's surrounded the economy for the last few years, it can be hard to get excited about the job market if you're still looking for a job yourself.

To help you create some job-market positivity on a more personal level, Companies hiring this month here's a list of 15 companies that are hiring new employees this month. Who knows, they might just be looking for you. Good luck!

1. Actuary Resources
Industry: Financial services
Number of openings: 50+
Sample job titles: Actuary analyst, benefit analyst, pensions analyst
Location: Ill., Tenn., KY., Va.

2. AngioDynamics
Industry: Medical devices
Number of openings: 50
Sample job titles: R&D buyer/commodity leader, supplier quality engineer, vascular sales representative
Location: Calif., La., N.Y., N.C., Pa., Utah

3. Extended Stay Hotels 
Industry: Hospitality
Number of openings: 72
Sample job titles: Guest service representative, hotel manager, front desk, maintenance engineer, housekeeping 
Location: Nationwide

4. The Home Depot
Industry: Retail/home improvement
Number of openings: 1,300+
Sample job titles: Transportation, IT, logistics, store managers, outside sales
Location: Nationwide

5. Huntington National Bank
Industry: Banking
Number of openings: 525
Sample job titles: Teller, personal banker, branch manager, customer service associate (call center), store banking specialist (in grocery store), business analyst, collector, commercial portfolio manager, mortgage loan officer, retail investment associate
Location: Ind., Ky., Mich., Ohio, Pa., W.Va.

 

6. Jasper Contractors
Industry: Construction roofing
Number of openings: 200
Sample job titles: Outside sales representative, field insurance claims manager, collections manager, customer service, recruiter, office manager, computer technician, superintendent
Location: Ariz., Colo., Ga., La., Neb., Utah

7. LegalShield
Industry: Legal
Number of openings: 250+
Sample job titles: Corporate positions, web developers, bilingual positions, independent associate field sales
Location: Calif., Colo., Fla., Ga., Ill., Md., N.C., N.Y., Okla., Texas, Wash.

8. Nationwide Insurance
Industry: Insurance
Number of openings: 1,000  
Sample job titles: Customer service representatives, insurance sales, IT, claims
Location: Nationwide

9. Rent-A-Center
Industry: Retail
Number of openings: 1,400+
Sample job titles: Store manager, assistant manager, manager-in-training, customer account representative, IT developer
Location: Calif., Ill., Ind., Mo., N.C., N.Y., Ohio, Pa., Texas

10. RoundPoint Financial Group
Industry: Mortgage banking
Number of openings: 53
Sample job titles: Loan processor, portfolio manager, VP -- production, foreclosure specialist, loan officer, data services analyst, investor accounting manager
Location: N.C., Nev., Texas, Washington, D.C.

11. SAIA Inc.
Industry: Transportation
Number of openings: 100+
Sample job titles: Local city driver, dock mechanic, inside sales representative
Location: Nationwide

12. Southern Company    
Industry: Energy
Number of openings: 60
Sample job titles: Engineer, database admin, nuclear tech specialist, project manager
Location: Ala., Fla., Ga., Miss.

13. Steward Health Care System
Industry: Health care
Number of openings: 300+
Sample job titles: RN, LPN, nursing assistant, compliance specialist, medical billers/coders, histology  technicians, nurse managers, medical technologists
Location: Mass.

14. Terminix
Industry: Pest control
Number of openings: 1,340
Sample job titles: Branch sales manager, branch sales professional/sales representative
Location: Nationwide

15. Web.com
Industry: Online marketing
Number of openings: 75
Sample job titles: Outbound sales, graphic design, outside sales representatives
Location: Fla., Ga

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10 income stocks it pays to know

Groupon holding up against stiff competition

Groupon holding up against stiff competition. Groupon's new ventures like Getaways and Groupon Now will be crucial for future growth, especially as the daily deals segment continues to saturate with more and more competitors.Groupon holding up against stiff competition. Unfortunately, Groupon Now has not yet managed to garner the position Groupon desired contributing just around 1% to the company's total value by our estimates.

Groupon holding up against stiff competition 

While they may not have a material impact on Q4 2011 results, loyalty building programs like Groupon Rewards would increasingly assume importance as competitors like Google Offers expand further in 2012.

Source: Yipit Blog

Meanwhile, Rue La La, an online retailer, shut down its daily deals business following in the footsteps of Facebook. This might be just a beginning to the consolidation of the daily deals industry in 2012, and would only increase as companies increasingly find it costly to manage a large sales force. For Groupon as well, it will be interesting to see the extent to which it has curtailed its marketing and administrative expenses for Q4 2011. The company has pitched its revenue growth story to investors for a long time now, but their patience to see Groupon become profitable may soon run out.

U.S. growth quickens in Q4, but speed-bumps ahead

U.S. growth quickens in Q4, but speed-bumps ahead

WASHINGTON (Reuters) - The U.S. economy grew at its fastest pace in 1-1/2 years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of spending on capital goods hinted at softer growth early this year.

U.S. gross domestic product expanded at a 2.8 percent annual rate, the Commerce Department said on Friday, a sharp acceleration from the 1.8 percent clip of the prior three months and the quickest pace since the second quarter of 2010.

It was, however, a touch below economists' expectations in a Reuters poll for a 3 percent rate, and nearly 2 percentage points was due to the build-up in business inventories.

The report supported the Federal Reserve's ultra easy monetary policy stance to nurse the recovery.

"This seems consistent with the Fed's view that the U.S. economy is going to need all the help it can get to hit escape velocity in the next couple years," said David Watt, a senior currency strategist, RBC Capital, Toronto

U.S. stock index futures turned negative after the data, while government debt prices pared losses. The euro held gains against the dollar.

Where not to die in 2012

More seek unemployment aid, but trend is positive

More seek unemployment aid, but trend is positive WASHINGTON (AP) - The number of people seeking unemployment benefits rose last week to a seasonally adjusted 377,000, up from a nearly four-year low the previous week. But the longer-term trend is pointing to a healthier job market.

Applications have trended down over the past few months. The four week average has declined to 377,500. When applications fall consistently below 375,000, it tends to signal that hiring is strong enough to lower the unemployment rate.

Some economists say the figures suggest further job gains ahead.

The nation has added at least 100,000 jobs for six straight months. And the unemployment rate has declined to 8.5 percent, its lowest in almost three years.

Separately, orders for long-lasting manufactured goods rose as companies spent more on computers, machinery and other equipment. The Commerce Department said Thursday that durable goods orders rose 3 percent last month.

Stock market futures rose after the durable goods

Sales contracts for homes dip from 19-month high