Employers added a smaller-than-forecast 111,000 workers to payrolls in January, which caused the jobless rate to inch up for the first time in three months, according to the Labor Department. The gains followed larger-than-expected gains in November and December.
“The labor market is in pretty good shape here,” said Scott Brown, senior economist at Raymond James & Associates. “We did have a big upward revision to the two previous months which makes that about a wash.”
Unemployment rose to 4.6%, and wages decreased, easing concerns a tight labor market could raise consumer prices.
The numbers came out days after the Fed kept interest rates steady and said that, while inflation was “likely to moderate,” risks remained.
“It’s a little softer on payrolls, but it’s good news on wage inflation from the Fed’s point of view,” said Stuart Hoffman, chief economist at PNC Financial Services.
“The trend in jobs still looks good, and it’s occurring without additional pressures on wages, so that is scripted to perfection for the Fed.”
Because fewer people are entering the labor force than in years past, smaller payroll gains are needed to keep the unemployment rate steady.
Banking, insurance, restaurants and retailers led the hiring last month. Manufacturers reduced payrolls by 16,000 after cutting 18,000 jobs a month earlier. Most came from auto industry layoffs.
Builders added 22,000 jobs after a 10,000 increase the prior month.
Wall Street ended a strong week narrowly mixed. The Dow fell 20.19 to 12,653.49, while the Nasdaq was up 7.50 at 2,475.88. The S&P 500 rose 2.45 to 1,448.39 for its highest level in more than six years.
For the week, the Dow was up 1.33%, the Nasdaq gained 1.66% and the S&P rose 1.84%.
The still-robust jobs picture is helping to lift consumer confidence, which last month approached a five-year high, according to The Conference Board. Gates blasts Apple ads Apple greeted the release of Microsoft’s Vista operating system with another round of snarky ads, prompting an angry response from Bill Gates.
The Mac manufacturer has run ads for a year in which Apple is portrayed by a cool hipster and the PC by a dorky goofball.
“I don’t know why [Apple is] acting like it’s superior,” the Microsoft boss told Newsweek. “Does honesty matter in these things, or if you’re really cool, that means you get to be a lying person whenever you feel like it?”
One new Apple ad shows the PC character in a hospital gown, saying he’s set for surgery to upgrade to Vista. He tells the Mac character that if he doesn’t make it, Mac can have his peripherals.
Microsoft’s Vista, its first upgrade of Windows in five years, has slick new security and search features, but Apple backers say most already exist on Macs.
The Associated Press Viacom to Google’s YouTube: Cut! YouTube, the video-sharing site owned by Google, agreed to remove more than 100,000 clips produced by Viacom after they were posted without permission.
Viacom asked to have the videos removed because YouTube was unwilling to reach a “fair market agreement” to compensate for using the content, New York-based Viacom said in an e-mailed statement yesterday. Google said it would comply.
The clash highlights the challenge YouTube faces from media companies, which say the site is gaining popularity from content at their expense. Though YouTube promised to use software to filter out unauthorized clips, it has yet to do so, Viacom said in the statement.
“Viacom is obviously unhappy about what Google has offered,” said Greg Sterling, an analyst at Sterling Market Intelligence in Oakland, Calif. “This is an effort to ratchet up the pressure on Google.”
“It’s unfortunate that Viacom will no longer be able to benefit from YouTube’s passionate audience,” YouTube said in a statement about removing the clips. “We take copyright issues very seriously.”
YouTube said in the statement that it prohibits users from uploading material that infringes copyrights and that it removes unauthorized content when notified.
Viacom owns MTV Networks and Nickelodeon and is controlled by billionaire Sumner Redstone.
Bloomberg News Coke thief convicted, will be sent to cooler A federal jury in Atlanta rejected a former Coca-Cola secretary’s claim that she was duped by two ex-cons and convicted her yesterday of conspiring to steal trade secrets to sell them to rival Pepsi.
Joya Williams faces up to 10 years in prison. No sentencing date was immediately set. She remains free on bond, pending sentencing. Her lawyer plans an appeal.
The government said Williams stole confidential documents and samples of products that hadn’t been launched and gave them to Ibrahim Dimson and Edmund Duhaney as part of a conspiracy to sell the items to based Pepsi for at least $1.5 million.
Dimson and Duhaney have pleaded guilty and are awaiting sentencing.
The Associated Press Biz Buzz Mortgages at 4-mo. high
Rates on 30-year mortgages nationwide hit the highest level since late October following release of more economic data showing a rebounding economy.
Mortgage lender Freddie Mac reported that 30-year, fixed-rate mortgages averaged 6.34% this week, up from 6.25%. It was the fourth consecutive weekly increase and pushed these mortgages to the highest level since they were at 6.4% the week of Oct. 26.
Boost from political ads
Gannett, publisher of USA Today, said quarterly profits rose 3%, as record levels of political advertising on its broadcast outlets helped offset higher newspaper costs.
It reported net income of $354 million, or $1.51 a share, vs. a year-ago’s $343 million, or $1.44. Revenues grew 7.5% to $2.21 billion. Broadcasting revenues rose 30.3% to $270.6 million for the quarter, driven by the political ads from the tumultuous congressional elections in November.
Equity prefers Blackstone
Equity Office Properties, the target of the largest real estate takeover, rejected a $41 billion offer from Vornado, saying a $38.3 billion cash bid by Blackstone is less risky for shareholders.
Equity Office said a sale to New York-based Vornado would take months to complete, while a buyout by Blackstone would close within days. Given the time delay, Equity Office estimated the value of Vornado’s $56-a-share cash and stock bid at $54.28 to $54.88. Blackstone’s offer is $54 a share. NYSE in the black
NYSE Group, owner of the world’s largest equity exchange, said rising transaction fees and increasing trading of stocks and options generated a profit of $45.5 million in the fourth quarter.
Net income was 29 cents a share, vs. a loss of $20.3 million, or 18 cents, a year earlier, before the exchange became a publicly traded company. Revenue rose 55% to $658.5 million.
CEO John Thain has said he plans to increase profit more than four-fold over the next two years with the purchase of Paris-based Euronext and by forging alliances in India and Japan.
Wendy’s profits plunge
Wendy’s said quarterly profits fell nearly 90% following the spinoff of its Tim Hortons coffee-and-doughnut chain. Its shares fell 73 cents to $33.11
The hamburger chain reported net income of $3 million, or three cents a share, vs. $30 million, or 25 cents, a year ago. Revenue fell 1% to $596.4 million.
- Wisconsin pharmacist pleads guilty to deliberately sabotaging vials of Moderna's COVID-19 vaccine because he believed they would 'render people infertile and mutate DNA'
- DWI charges dropped against Bruce Springsteen, who pleads guilty to just drinking in the park
- San Dimas Man Pleads Guilty To Fraudulently Obtaining Over $500K In Unemployment Benefits
- Former State Rep. David Nangle Pleads Guilty To Fraud Charges
- Miami Man Pleads Guilty To Using COVID Relief Money To Buy Lamborghini
- FCA pleads guilty in plot to enrich Detroit union officials
- 2 men posing as Wu-Tang Clan members plead guilty to scamming hotels, businesses
- MS-13 member pleads guilty to gruesome Boston-area playground murder: prosecutors
- Ex-ComEd Executive Fidel Marquez Pleads Guilty To Bribery Scheme Tied To Illinois House Speaker Michael Madigan
- Youngest man in SG Nasi Lemak sex-themed chat group case pleads guilty to having obscene films
- Former California police captain pleads guilty in eBay cyberstalking case
- Man pleads guilty a day before turning 21, broke COVID-19 law to carry out loan shark harassment
- Fiat Chrysler Automobiles pleads guilty in U.S. labor probe
- Mathematics tuition teacher pleads guilty to molesting 15-year-old student
- Former Texas Border County HR Director Pleads Guilty to Bribery Scheme
- 12 people plead guilty to meeting at Kallang Canal to drink and celebrate birthday during circuit breaker
- Serangoon Road slashing: Man pleads guilty to hitting victim with baton in group attack
- Florida Man Pleads Guilty To Cyberstalking Victim Of Childhood Crime
- Man Shot, Killed By Police In Lawrence County Reportedly Pleaded Guilty For Prior Murder In 2011
- Two Gujaratis plead guilty to conspiracy
Dimson and Duhaney have pleaded guilty and are awaiting sentencing have 1393 words, post on www.nydailynews.com at February 2, 2007. This is cached page on Game Breaking News. If you want remove this page, please contact us.