Economic signs point to improved hiringBy Kevin G. Hall | McClatchy Newspapers
WASHINGTON —
For the first time in months, a host of indicators are pointing to an improving labor market ahead of the monthly jobs report from the government. The latest report from the Labor Department, coming Friday, is likely to cement the view that the U.S. economy is clear of another recession.
Gauges of manufacturing activity, private-sector hiring and first-time unemployment claims all showed improvement for September, providing more ammunition for those economists who think the glass is still half full for the U.S. economy.
"It's official: The next recession hasn't started yet. It certainly didn't start in September based on the latest available batch of economic indicators," Ed Yardeni, a veteran Wall Street analyst, wrote in a research note Thursday.
"Most encouraging is that private-sector payrolls rose 91,000 during the month, according to ADP." The ADP National Employment Report, which gauges only hiring in the private sector, came in above analysts' expectations Wednesday and pointed to improved hiring after a scary summer.
The number is still below the levels that are needed to significantly knock down August's 9.1 percent unemployment rate, but it beats the tepid summer numbers, which prompted analysts' concerns about a double-dip recession.-snip-
On another positive front, the International Council of Shopping Centers reported Thursday that revenues for its members were up 5.5 percent in September, a big jump over the revised August number of 4.8 percent. That points to more hiring in the retail sector.Read more:
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