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More Jobs - And More Joblessness December's mixed report sheds little new light on the economy.(A)(ECON)
Byline: Donald H. Gold
Investor's Business Daily
Is the economy sliding into recession? Don't look to December's much-awaited jobs report for an answer. It showed signs of both growing weakness and gathering strength, leaving investors and analysts scratching their heads aboutthe economy's true health.
In a sign of weakness, the jobless rate hit 4.2% in December, a 16-month high, the report showed. Experts had expected 4.1%. But the number of payroll jobs added duri
ng the month shot up a fat 268,000 - blowing right past Wall Street's predictions of 80,000 new jobs.
Despite the mixed picture on the economy's health, the Federal Reserve is expected to maintain its present easing course. After the Fed slashed rates by 100 basis points in two moves during January, almost all Fed-trackers expect atleast one more quarter-point rate cut. Some expect more.
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