The U.S. Department of Labor released its monthly jobs report data this morning that showed a better than expected growth in jobs added to the economy. Growth in the manufacturing sector was particularly impressive according to early analyses of the data released at 8:30 AM EST, fueling greater optimism in an improving economy. This news is bound to make the Obama administration smile, and the Republicans frown.
Stock markets were inching up in advance of the reports release, but are likely to be sparked by a much better than expected jobs situation. Yesterday’s release of a reduction in weekly unemployment claims filed and a four-week average that was also down, bolster investor optimism.
This report will be updated after further analysis of the employment data that was submitted to the DOL. As always, many companies and business organizations submit data that arrives late to the DOL, so there is always an adjustment to reported figures.
Sources and resources: U.S. Dept. of Labor, MSNBC, Fox News