Signs of improvement in the economy
2008-05-02 15:12:03 (GMT) (Caymanmama.com - Business News)New York: CNN reported that on the first day of May, investors presented better readings on consumer spending and manufacturing than they were expected. On the previous day, the Feds hinted that the economy seems to become stabilized. On Wednesday, the Feds had cut the funds rate by one quarter percent.
The Central Bank also gave a hint that as the economy seems to stabilize, they will not be cutting rates any more. The reaction of Wall Street was mixed but after starting slowly on Thursday, stocks rose as investors gave a reconsideration to the statement of the Feds. “The market is becoming comfortable with the fact that the Fed is in a ‘wait and see’ mode, with yesterday’s cut likely the last for a while,” says Fred Dickson, chief market strategist of D.A. Davidson & Co. He also said that investors believe that the worst phase of credit crisis has now passed away.
On Friday, the April jobs report will be in focus as it is expected to be out before the beginning of the trade. Last month, employers cut 80,000 jobs and now they are expected to cut 75,000 more jobs from their companies. According to a survey, the unemployment rate is expected to rise from 5.1% in the previous month to 5.2% this month.
CaymanMama.com - Press Release Distribution Service
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