Tags: BlackRock | Doll | Job | Growth

BlackRock's Doll: Job Growth Right Around Corner

Friday, 05 Mar 2010 02:39 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Job growth in the United States is headed for recovery, said Bob Doll, vice chairman and chief investment officer for global equities at BlackRock.

Doll said the labor market will see a recovery in a “tepid way.” He said the corporate sector is “regaining strength” and “becoming healthy.”

Companies are reporting strong productivity and are extending working hours for existing employees, Doll told Bloomberg.

However, consumer confidence in February declined to the lowest level in 10 months.

Meanwhile, U.S. employers cut a smaller than expected 36,000 jobs in February, leaving the unemployment rate unchanged at 9.7 percent, according to a government report on Friday which said it was unclear how severe weather had impacted payrolls. The Labor Department said job losses for December and January had been revised to show 35,000 fewer jobs lost than previously reported.

Analysts polled by Reuters had expected non-farm payrolls to drop 50,000 last month and the unemployment rate to edge up to 9.8 percent. The median forecast from the 20 most accurate forecasters also saw payrolls falling by 50,000, while the 10 most accurate economists predicted a 70,000 decline.

To be sure, Doll said job growth will be followed by income growth and eventually the recovery will be extended to the consumer.

While hiring levels will be below the trend, they will be positive, Doll said. “We think it is right around coroner,” he said about job growth.

Billionaire Warren Buffett said the economy is improving slowly, which means job growth will follow the same trend, CNBC reported.

He said the 80 subsidiaries owned by his Berkshire Hathaway are reporting only a little improvement. "It's getting better, but at a very, very slow rate," Buffett said.

Until consumer demand improves, there will not be much job growth, he said. "The jobs will come back, but it won't be fast," he said.

The employment index increased to 56.1 in February from 53.3 in January, CNNMoney.com reported. This marks the third month of growth in employment.

"With these levels of activity, manufacturers are seemingly willing to hire where they have orders to support higher employment," said Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee in a news release.

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Feds Greenlight Hollywood's Use of Drones

Monday, 29 Sep 2014 08:42 AM

Many are wondering how Hollywood became the first industry to acquire legal approval for commercial drone use. There are . . .

China's Behemoth Alibaba Plots Hollywood Takeover

Monday, 22 Sep 2014 07:42 AM

China’s e-commerce giant Alibaba enjoyed a record-breaking debut on Wall Street last week, which shook the financial wor . . .

Film Praises Late-Term Abortion Doctors

Monday, 15 Sep 2014 09:14 AM

PBS recently aired “After Tiller,” a documentary that lauds doctors in the United States who openly perform late-term ab . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved