Sunday, October 05, 2003

Daily MarketWrap

Daily MarketWrap: "politics aside, the lag in job growth is within the normal range. Since the early 1960's, the median delay between an upturn in the stock market and the job market is fourteen months. The range is from eight to eighteen months. Given that the stock market hit its ultimate bottom a year ago, it will reach the median job-lag mark in December. "

...August's payroll loss was revised to 41,000 from 93,000 [much better]. Average hourly wages fell 1 cent to $15.45, the first decline since May 1989. In September, job losses in manufacturing slowed, falling 29,000. Services added 74,000 jobs, including 66,000 in business and professional services, 10,000 in retail and 10,000 in finance.

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