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December 3, 2004 12:20 PM

Job Growth Is Well Below Wall Street Forecasts


Excerpt: The economy added 112,000 payroll jobs in November, the Labor Department reported today, far fewer than the month before and not enough to keep up with growth in the adult population.


WASHINGTON, Dec. 3 - The economy added 112,000 payroll jobs in November, the Labor Department reported today, far fewer than the month before and not enough to keep up with growth in the adult population.

The gain was well below Wall Street forecasts for an increase of about 200,000 jobs, and employment in manufacturing remained stagnant for the third month in a row.

The overall unemployment rate slipped to 5.4 percent last month from 5.5 percent in October, the Labor Department said. The jobless rate has essentially been flat ever since July.

Bond investors immediately reacted to the disappointing report by pushing up prices of Treasury securities, on the expectation that economic growth will be more moderate and that interest rates will be under less pressure to climb.

"The economy is adding jobs, but not at a feverish pace," said Richard Yamarone, chief economist at Argus Research, an economic research firm in New York. "Economic growth is not expanding at a pace that can engender stellar job growth, and I think you have to get used to these kinds of numbers."

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Read all 21 posts in the same category of Economy:

U.S. Quiet on China Trade Tax - Dec 17, 2004
Fed Raises Interest Rates for 5th Time This Year - Dec 17, 2004
OPEC Considers Output Cut to Keep Prices From Falling - Dec 09, 2004
A Plan For U.S. Energy Security? - Dec 08, 2004
Fed Heading For A Pause - Dec 07, 2004
Social Security Reform = New Debt - Dec 06, 2004
Fed Sees Growth, Measured Rate Hikes - Dec 05, 2004
Weak Employment Rport Casts Doubts Over US Economic Strength - Dec 05, 2004
Fed: Inflation Not Setting Off Alarms - Dec 05, 2004
Balancing Act On The Buck - Dec 04, 2004
Fed Reports Growth In 11 Of 12 Regions - Dec 02, 2004
Inflation Under Control, Fed Gov. Says - Dec 02, 2004
Global Forecasts for 2005 Growth Are Reduced - Nov 30, 2004
Borrowing For Social Security Plan? - Nov 28, 2004
No Longer Top Dollar? - Nov 26, 2004
Don't Worry ... Don't Be Happy - Nov 26, 2004
Is Another Recession Brewing? - Nov 25, 2004
Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004
Bush Sets Plans To Revamp Taxes, Social Security - Nov 04, 2004