Money Matters - Simplified

Labor Department

U.S. Labor Dept. blacklists Russian porn

Washington -- The U.S. Labor Department has listed Russian pornography as a product that might involve "forced or indentured child labor" in its manufacture.

This week, the department published an updated list of 29 products from certain countries where federal contractors must provide certification that they were not produced by children. Along with carpets from Nepal and Pakistan, diamonds from Sierra Leone and rice from Burma, India and Mali, the list includes pornography from Russia -- and no other country.

The Moscow Times queried the Labor Department on why a federal contractor might be supplying the government with pornography from Russia -- or anywhere else. The newspaper said it had received no answer by late Tuesday.

Dow extends streak to 3 days

New York -- U.S. markets closed higher for the third consecutive trading session Thursday, a turnaround after seven straight sessions with declines.

The International Monetary Fund increased its growth projection for the global economy to 4.6 percent, compared with April's estimate of 4.2 percent growth. In Washington, the Labor Department said 454,000 first-time jobless claims were filed in the week ending July 3, 21,000 fewer than the previous week.

By close, the Dow Jones industrial average rose 120.71 points or 1.2 percent to 10,138.99. The Standard & Poor's 500 index gained 9.98 or 0.94 percent to 1,070.25. The Nasdaq composite index of tech-dominated stocks added 15.93 or 0.74 percent to 2,175.40.

U.S. markets post pre-holiday losses

New York -- U.S. markets posted modest losses Friday after the U.S. Labor Department said 125,000 jobs were lost in June.

In early afternoon trading, the Dow Jones industrial average lost 46.05 points or 0.47 percent to 9,686.48. The Standard & Poor's 500 index shed 9.57 or 0.47 percent to 1,022.58. The Nasdaq composite index lost 9.57 or 0.46 percent to 2,091.79.

On the New York Stock Exchange, 1,209 stocks advanced and 1,812 declined on a volume of 3.9 billion shares traded.

The benchmark 10-year Treasury note fell 6/32 to yield 2.975 percent.

The euro rose to $1.2546 from Thursday's $1.2519. Against the yen, the dollar rose to 87.76 yen from Thursday's 87.59 yen.

Jobs shed in June point to weak recovery

Washington -- The U.S. Labor Department said the unemployment rate fell to 9.5 percent in June, but weak hiring and a decline in jobs point to a weak recovery.

The private sector added 83,000 jobs, but losses overall totaled 125,000 jobs as 225,000 temporary jobs with the U.S. Census Bureau came to an end.

Economists expected 110,000 private sector jobs to be added and they won't be fooled -- or encouraged, either -- by temporary jobs that skewed the numbers for the second consecutive month.

The number of private-sector jobs added a month ago was revised lower, from 41,000 to 33,000, the department said.

U.S. markets soft after job report

New York -- U.S. markets opened soft Friday after the U.S. Labor Department said 125,000 jobs were lost in June.

In midmorning trading, the Dow Jones industrial average lost 12.82 points, 0.13 percent, to 9,719.71. The Standard & Poor's 500 index added 0.37 points, 0.04 percent, to 1,027.48. The Nasdaq composite index lost 0.06 percent, 1.29, to 2,100.07.

The benchmark 10-year Treasury note lost 5/32 to yield 2.97 percent.

The euro rose to $1.2586 from Thursday's $1.2519. Against the yen, the dollar rose to 87.72 yen from Thursday's 87.59 yen.

In Tokyo, the Nikkei 225 index gained 0.13 percent, 12.11, to 9,203.71.

Markets slide hard Friday

New York -- U.S. markets took a cue from the Labor Department and scurried lower Friday, despite a drop in the unemployment rate.

The department said the jobless rate fell from 9.9 percent to 9.7 percent.

At the same time, private-sector job growth slowed sharply from a month ago with 41,000 jobs added, compared with 290,000 in April.

The bulk of new jobs in May came from hiring 411,000 temporary census workers.

In early afternoon trading, the Dow Jones industrial average lost 271.67 points, 2.65 percent, to 9,983.67. The Standard & Poor's 500 index lost 2.81 percent, 31.00 points, to 1,071.83. The Nasdaq composite index lost 2.95 percent, 68.00 points, to 2,235.03.

Economy adds 290,000 jobs; unemployment rate up 9.9% in April

In a convincing sign that economic recovery is translating into more jobs in the nation, the economy added 290,000 jobs in April, according to a report released by Bureau of Labor Statistics.

Economy adds 1,62,000 jobs in March; unemployment at 9.7%

According to latest figures from the Labor Department, U.S. employment showed the maximum growth in the month of March after a period of three years. Employers added 162,000 new jobs to payrolls.

US inflation up 0.2 %, CPI falls 0.1%

Labor Department’s latest report on inflation shows some respite in U.S. economy as inflation increased only by 0.2 percent. The latest figures for the month of January and are below analysts' expectations.

U.S. markets surge on job news

New York -- U.S. markets jumped Friday after the Labor Department said the unemployment rate improved in July, moving from 9.5 percent to 9.4 percent.

The jobless rate shifted on the loss of of 247,000 jobs, about 100,000 less than economists predicted.

For July, economists had forecast a jump in unemployment to 9.6 percent. The surprise decline gave markets a strong boost.

In early afternoon trading, the Dow Jones industrial average gained 172.76 points, 1.87 percent, to 9,429.02. The S&P 500 gained 20.84 points, 2.09 percent, to 1,017.92. The Nasdaq index added 37.35 points, 1.89 percent, to 2,010.51.

The benchmark 10-year Treasury fell 26/32 to yield 3.86 percent.