By Maxine Shapiro, KERA 90.1 commentator.
Dallas, TX – It's Friday so "It's Only Money," a review of the big and not-so-big stories of the week. I'm Maxine Shapiro with KERA Marketplace Middays.
Clear my voice? The market rallied! Greenspan spoke on a brighter outlook. The market broke. The feeling was, 'We already knew that, Allan!" The market continues rallying. And today, the unemployment figure down from last month was the lowest it's been in four months. Expectations were for unemployment to be higher. And the market rallied. Non-farm payroll, calculated employment, hours, and earnings of workers on non-farm payrolls for the Nation was up 66-thousand. Now since March of last year, we were averaging losses of about 150-thousand a month. And the market rallied.
There are still almost 8-million people unemployed. Concerning the increase in non-farm payroll, Lois Orr, acting commissioner for the Bureau of Labor Statistics, told a Congressional hearing today that the largest increase occurred in retail trade but to take caution in interpreting that figure as a sign of strength in that industry. That said, manufacturing continued to see job losses although at about half the average pace of the previous twelve months. The interpretation is clear and simple: things are getting better.
Speaking of retail, the Dallas Business Journal reported that February same store sales were up for Plano-based J.C. Penney's and Fort Worth-based Pier One Imports, which used to have really fun affordable stuff and now has really fun, expensive stuff. The restaurant operator Brinkers International had a small increase, as did Irving-based Michael's with nice profit showing for Michael's fourth quarter, while Bombay Company and Gadzooks, who sells clothes geared to the ever-trendy teenager, had a decline in their same store sales.
Do not be surprised if by the end of today's trading session there was some major profit taking. And how's this for hedging - don't be surprised if there isn't. Stay healthy and happy. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 P.M.