Stocks rise on optimism about the jobs market

[Amerigo Vespucci]

Source: MSNBC

NEW YORK - Investors found another reason to buy up stocks Wednesday after a report indicated job losses might be slowing.

The ADP National Employment Report, an unofficial gauge of the labor market, said that private sector employment fell by 491,000 last month, a huge improvement from the 708,000 jobs lost in March. The ADP report said unemployment is likely to rise for several more months, but at a slower rate.

The news was a reassuring sign ahead of the Labor Department's Friday report on job losses, and offered another sign that the economy's slide could be moderating.

Confidence has been increasing on Wall Street amid improving economic data. Investors have been looking past mixed earnings reports, fears about a possible swine flu pandemic and a bankruptcy filing from Chrysler LLC to send the market up more than 30 percent from 12-year lows in early March.

Read more: http://www.msnbc.msn.com/id/3683270/

[onehandle]

1. The optimism of the 1990s reborn.

Savor it. I did not enjoy the 90s as much as I should have at the time.

Remember, it could all fall apart with one stolen election.

Savor it.

[Dr.Phool]

2. ADP's numbers are always wrong. On the rosy side.

I've been watching them for the last couple of years. I don't know why they bother, or who pays for their crappy analysis.

The "official" government numbers will be out Friday. And as always, they'll be much higher (worse) than ADP's.


on edit: And just for good measure, the automobile and suppliers numbers will start coming in over the next couple of weeks. Nothing is going to be optimistic there.

[RogueBandit]

3. Good loss?

We *only* lost a half million jobs last month. And *only* lost three-quarters of a million jobs the moth before that!! Goodie, goodie.