Saturday, June 05, 2004
8 million people still looking for work
THE WASHINGTON TIMES
Bill Cheney, chief economist with MFC Global Investment Management, said a "measured," quarter-point rate increase by the Fed is "pretty much guaranteed" at the end of the month.
The central bank will not move too precipitously, he said, because the job market remains slack, with more than 8 million people still looking for work.
Just as manufacturing led the economy into recession with big job losses in 2001, this year's job revival is being fed by a robust comeback in manufacturing. The once-battered, but now booming, sector last month scored its biggest job gain — 32,000 — since 1998.
House Democratic Whip Steny H. Hoyer of Maryland said May's job gains were "good news for workers."
But he added, "Let's remember that during the Clinton administration, the economy averaged 239,000 jobs gained every single month for eight straight years. ... There really is no comparison."
Bill Cheney, chief economist with MFC Global Investment Management, said a "measured," quarter-point rate increase by the Fed is "pretty much guaranteed" at the end of the month.
The central bank will not move too precipitously, he said, because the job market remains slack, with more than 8 million people still looking for work.
Just as manufacturing led the economy into recession with big job losses in 2001, this year's job revival is being fed by a robust comeback in manufacturing. The once-battered, but now booming, sector last month scored its biggest job gain — 32,000 — since 1998.
House Democratic Whip Steny H. Hoyer of Maryland said May's job gains were "good news for workers."
But he added, "Let's remember that during the Clinton administration, the economy averaged 239,000 jobs gained every single month for eight straight years. ... There really is no comparison."
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