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July 06, 2007

Better Than Expected Jobs Report Buoys Stocks

132,000 last month, plus the regularly scheduled increases for previous months' numbers.

Stocks drifted higher in erratic trading Friday, after the government reported that employers have been creating more jobs than expected.

The Labor Department said the unemployment rate held steady at 4.5 percent in June for the third straight month, as expected, and that 132,000 jobs were added - fewer than in May, but higher than the average forecast. The data also showed that a larger number of jobs were created in April and May than previously thought, and that June's average work week ticked up 0.1 percent, more than anticipated.

...

But while the positive snapshot boded well for the long-term performance of the stock market, it also raised worries that a too-strong economy will make the Federal Reserve more willing to raise rates to curb inflation.


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