Job Numbers Crush Expectations After Warnings of Recession
The stock markets might be a little skittish, but you canât blame employment for that.
According to the Associated Press, âitâs a figure that is considered low by historical standards.â
But prior to that announcement, in the wake of a 362-point drop in the Dow Jones Industrial Average on November 1, two of the network newscasts â âCBS Evening Newsâ and âNBC Nightly Newsâ focused on âgrim economic stats,â threat of recession and stressed the importance of the unreleased jobs number.
â[O]n top of that, there are rising concerns about the
CBS correspondent Anthony Mason even warned if lower than expected jobs numbers were reported, we would really see how bad the housing woes impacted the
â[I]tâs a very nervous market, and it could move sharply again tomorrow, Katie, when unemployment numbers come out, and weâll get a sense of whether theyâre infecting âwhether housing is infecting the rest of the economy,â Mason said on the November 1 âCBS Evening News.â
But, as it turned out â the job numbers doubled predictions.
â[W]hat we are expecting to see there is 80,000 new jobs created, which by the way is not enough new jobs, but thatâs what weâre expecting,â said CNN Business Reporter Ali Velshi said November 2 âAmerican Morningâ before the numbers were released. âWeâre expecting the unemployment rate to stay at 4.7 [percent].â
So with the sound job numbers, does that means the fears of a recession resulting from housing troubles and energy prices are lessened? An initial report from Wall Street suggested as much.
â[E]verybodyâs talking about the jobs report,â CNBC Business Reporter Bob Pisani said from the floor of the New York Stock Exchange on CNBCâs âSquawk on the Streetâ November 2. âLook, they got what they wanted. Twice the [job number] estimates here. The recession fears fading a little bit.â