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BUSINESSSaturday 8 April 2017
Stocks end flat on weak jobs report, Syria strikes Hiring slows, but US unemployment
drops to an encouraging 10-year low
MARLEY JAY which makes borrowing condemned by Russia and
AP Markets Writer more expensive. Iran. The VIX, known as Wall CHRIS S. RUGABER gage in their usual spring
NEW YORK (AP) — U.S. The Standard & Poor’s 500 Street’s “fear gauge,” start- JOSH BOAK hiring.
stocks never got going Fri- slid 1.95 points, or 0.1 per- ed rising late Thursday as AP Economics Writers BETTER JOBS: The job gains
day after a slightly disap- cent, to 2,355.54. The Dow the U.S. government shifted WASHINGTON (AP) — last month, while tepid,
pointing jobs report and Jones industrial average lost its policy on Syria. U.S. employers cut back occurred in better-paying
word of U.S. missile strikes 6.85 points to 20,656.10. The Earlier the price of gold sharply on hiring in March, industries, such as manu-
against Syria. Investors Nasdaq composite dipped jumped to its highest price yet Friday’s jobs report still facturing and a category
bought shares of defense 1.14 points to 5,877.71. The since right after the presi- had much to be encour- that includes accounting,
contractors and stocks that Russell 2000 index of small- dential election in No- aged about, including engineering and other
are traditionally considered company stocks inched up vember, and bond prices a drop in the unemploy- professional services.
safe. 0.14 points to 1,364.56. climbed. But that didn’t ment rate to 4.5 percent, Lower-paying fields, such
Stocks moved between While stocks didn’t move last long, and bond prices the lowest in a decade. as retail, cut jobs, while
gains and losses all morn- much overall, there were turned lower late in the Employers added just a category that includes
ing after the Labor De- a few clear trends. Inves- day. The yield on the 10- 98,000 jobs, the Labor restaurants and hotels
partment said employers tors mostly avoided indus- year Treasury note rose to Department said. It was posted a small gain.
barely half the previous And all the new jobs add-
Trader Tommy Kalikas, left, works on the floor of the New York Stock Exchange. U.S. stocks never month’s gain. Yet unem- ed were full time, the gov-
got going Friday after a slightly disappointing jobs report and word of U.S. missile strikes against ployment dropped from ernment said. The num-
Syria. 4.7 percent, reaching its ber of Americans who
lowest point since May are working part time but
(AP Photo/Richard Drew) 2007. While the rate has would prefer a full-time
fallen in the past because job fell. An alternative
didn’t add as many jobs as tries whose performance is 2.38 percent from 2.34 per- of unemployed workers unemployment measure,
analysts had forecast. They closely linked to the state who had given up look- which includes involun-
started to rise in afternoon of the economy. cent. ing, it happened this time tary part-time workers,
trading, but those gains The government said em- because of a healthy fell to 8.9 percent, its low-
didn’t last. Investors bought ployers added 98,000 jobs Still, the increased geo- gain in the number of est level since December
high-dividend stocks like in March, which was weak- people with jobs. “Within 2007, when the Great Re-
real estate investment er than the last few months political uncertainty sent the disappointing 98,000 cession started.
trusts and household goods and about half as many net new jobs added, That’s down from a peak
makers, but banks and en- as analysts had predicted. defense stocks higher. there seems to be a lot in 2010 of 17.1 percent.
ergy companies fell. One-time factors including more going on beneath Yet there were some dis-
Scott Wren, senior global snowstorms may have tem- Raytheon added $2.21, the surface, and what is couraging signs:
equity strategist at the Wells porarily slowed hiring. The going beneath the sur- MORE OPTIMISM, SAME
Fargo Investment Institute, unemployment rate fell to or 1.5 percent, to $152.96 face is mostly good,” said ECONOMY: Consumer
said he is not surprised the 4.5 percent, its lowest level Mark Vitner, an economist and business optimism has
stock market did not have since 2007, as more people and Lockheed Martin rose at Wells Fargo. Here are soared since the presiden-
an overwhelming reaction found work. the positive aspects of the tial election. Many com-
to the jobs report or missile Over the last three months, $3.12, or 1.2 percent, to report, followed by some panies eagerly await the
strikes because neither re- employers had added an parts that were not so hot: tax cuts and deregulation
ally altered investors’ views average of 178,000 jobs $270.23. JOB GROWTH STILL OK: promised by President
of the U.S. economy. a month. That’s just a bit In the past three months, Trump. Yet so far, there is
“It was not a bad (jobs) re- slower than the monthly Among high-dividend employers have added little evidence that better
port, it was just another in a average from 2016. an average of 178,000 sentiment has translated
long, long, long line of not Overnight, the U.S. stocks, Wal-Mart gained jobs a month. That’s much into more hiring, spend-
bad, not great reports,” he launched a missile at- better than March’s in- ing or economic growth.
said. Wren said the econ- tack on a Syrian air force $1.47, or 2.1 percent, to crease and is closer to the Companies are adding
omy probably won’t grow base following a chemical underlying trend, econo- workers at the same pace
much faster over the next weapons strike blamed on $72.90 and Prologis rose mists said. they did last year. And
few years because the the government of Presi- That’s also just below the consumers trimmed their
Federal Reserve plans to dent Bashar Assad earlier 52 cents, or 1 percent, to average gains of 187,000 inflation-adjusted spend-
keep raising interest rates, in the week. The move was jobs a month last year. Hir- ing in January and Febru-
$53.58. ing should rebound closer ary.
to that level in the coming HIRING NOT WIDELY
The military strikes in the months, economists say. SPREAD: The drop in the
HIT FROM WEATHER PROB- unemployment rate is
Middle East sent crude ABLY TEMPORARY: One good news, but it doesn’t
reason last month’s weak mean everyone has ben-
prices higher. U.S. oil added gain was probably a blip efited. Women made
is that harsh winter weath- up nearly all those who
54 cents, or 1 percent, to er in New England and gained jobs, with the
the Midwest most likely unemployment rate for
$52.24 a barrel in New York. hurt hiring in construction, adult men unchanged, at
retail and other weather- a still-low 4.3 percent.
Brent crude, the standard sensitive industries. Also, DISAPPEARING RETAIL
construction companies JOBS: Online shopping is
for international oil prices, reported huge job gains taking its toll on traditional
in January and February, retailers who can no lon-
rose 35 cents to $55.24 a when the weather was ger compete on price
unseasonably warm, so or convenience as they
barrel in London. they didn’t need to en- once did.q
Twenty-First Century Fox
declined for the fifth day in
a row as advertisers contin-
ued to pull their ads from
“The O’Reilly Factor.”q
