Hiring worries weigh on stocks - 5/2/12



May 02 - U.S. stocks closed mixed after new data revealed disappointing jobs data ahead of the government's monthly employment report. Bobbi Rebell reports
according to Yelena Shulyatyeva, US Economist, BNP Paribas: "We think that winter month hiring was slightly overestimating the underlying pace of labor market improvement and that is because we had such a record warm winter so the companies really didn't need to fire that many workers and likewise they don't really need to hire that many in spring so we now see a somewhat slower pace of employment growth". Today's payroll numbers are sparking concerns about possible weakness in the monthly jobs report from the government which is due out Friday. Today, the government reported the biggest decline in new factory orders in three years in March- though they were slightly better than forecasts.
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COMMENT: Investors (the elite) say to employed and unemployed alike: "Let them eat cake."