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Will jobs report mean much?
Associated Press
Published October 6, 2005
NEW YORK - The Labor Department's monthly job creation report is considered one of the better barometers of the nation's economy. And as such, it is traditionally a market-mover on Wall Street.
This Friday economists are forecasting the loss of 150,000 to 175,000 jobs in September because of the economic havoc wrought by Hurricanes Katrina and Rita in the Gulf Coast region. And it's likely that Wall Street's reaction will be minimal.
"It's obvious that the hurricanes will drag this number down, and because of that, separating the trend from the noise is going to be hard," said Hans Olsen, managing director and chief investment officer at Bingham Legg Advisers. "When it's hard to assign a meaning to this number, the market will likely just overlook it."
While some market watchers will look to the report's less publicized components, others think October's jobs report, due Nov. 4, will be a better indicator of the storms' long-term economic effect.
[Last modified October 6, 2005, 01:13:15]
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