Gloomy About The Job Market

(Reuters) - The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic. In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent's currency union could now extend to mid-year and be deeper than previously thought. The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year - although he did speak about risks. In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, ...

(Reuters) - Global stocks and crude oil fell on Friday after a bleak U.S. payrolls report for April and economic data from Europe that pointed to a deeper recession across the euro zone than previously thought heightened concerns about slowing economic growth. U.S. employers cut back on hiring in April and the jobless rate fell as Americans gave up the hunt for work. Employers added just 115,000 workers to their payrolls last month, the Labor Department said. The second straight monthly decline in hiring growth kept fears alive that the U.S. economy is losing momentum and doused hopes that a stretch of strong winter hiring had signaled a turning point for the U.S. recovery. "The U.S. economy is not growing fast enough to improve the job market. When all is said and done that is the most ...

(Reuters) - Oil prices dropped on Thursday after OPEC said it was unhappy with high prices and disappointing economic data helped paint a gloomy outlook for the world economy, reviving concerns about a drop in demand. Brent crude futures dropped below their 100-day moving average on Thursday for the first time since January, while U.S. crude fell by $2 during the session. Worries about the euro zone also increased after the European Central Bank left interest rates unchanged, while its president cautioned that the outlook for the region was subject to downside risks. Unemployment in the euro zone is at a record 15-year high, according to the EU's statistics office. "I think Europe is flooded with crude and funds are liquidating their positions," said an oil trader with a European oil ...

(Reuters) - Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy. A build in U.S. crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990. "Everything is dependent on macroeconomic issues. Personally I am bearish, one way or another, even with the fundamental difficulty in identifying all the geopolitical issues like Iran," said Tony Machacek, an oil futures broker at Jefferies Bache. "If these remain on the side, I think prices could easily be heading lower." Brent crude was down 31 cents to $117.89 a barrel ...

Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy. A build in U.S. crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990. "Everything is dependent on macroeconomic issues. Personally I am bearish, one way or another, even with the fundamental difficulty in identifying all the geopolitical issues like Iran," said Tony Machacek, an oil futures broker at Jefferies Bache. "If these remain on the side, I think prices could easily be heading lower." Brent crude was down 55 cents to $117.65 a barrel at 0516 EDT ( ...

(Reuters) - Caught in a vice between sluggish global growth and worldwide debt deleveraging, investors face another week of potentially gloomy economic news with no relief in sight from the growing concerns about euro zone debt. The focus will be mainly on the European Central Bank's monthly policy meeting, the U.S. non-farm payrolls report and data on the outlook for the world's manufacturing sector, which still represents 20 percent of the global economy. But these events are not expected to offer much diversion from the steadily worsening crisis in the euro zone, which is driving demand for safe haven assets. "It's about capital preservation from an investor point of view," said Richard Batty, global investment strategist at Standard Life Investments, which has $240.7 billion of ...

Oil edged lower on Monday on pressure from revived concerns about a euro zone economic slump and political uncertainty, while a North Sea production problem and worries about Iran and potential supply disruptions limited losses. Euro zone business contraction deepened at a faster pace than expected in April, with the Purchasing Managers Index for the bloc's dominant service sector falling to a five-month low, against forecasts that it rose. Politics added to the uncertainty after the Socialist challenger edged out French President Nicolas Sarkozy, leaving the two to fight a May 6 election run-off, and the Dutch government was set to resign in a crisis over budget cuts. The signs of euro-zone economic and political turmoil sparked a "risk-off" trade, pushing global equities, the euro and ...

(Reuters) - Gary Feeman has been searching for a job for 16 months. He's not ready to give up just yet, but the 60-year-old worries he is running out of options. Feeman is among the more than 5 million Americans who have been out of work for more than six months and who represent the heart of the crisis in the labor market. Their plight also poses a warning that U.S. unemployment may not drop back to its pre-recession levels and could be stuck higher than many policymakers expect. Feeman, from Lancaster County, Pennsylvania, has sent out as many as 100 resumes. But the former maintenance director at a small amusement park in the area, has had only one interview in person. That was in January. "I have tried everything under the sun," he said. "The frustrating thing to me is that when ...

Fundamental news Today’s highlights: · Core PCE Price Index + Personal Spending (MoM) (U.S, 12:30 GMT) · Michigan Consumer Sentiment Index (U.S, 13:55 GMT) · Chicago PMI (U.S, 13:45 GMT) · CPI (YoY) (EUR, 09:00 GMT) The U.S. Initial jobless claims fell 5,000 in the week ended March 24 to 359,000, the lowest since April 2008, the Labor Department reported on Thursday. Adding to evidence labor market is strengthening. In addition, the economy in the U.S. grew at a 3 percent annual rate in the last three months of 2011, the same as previously estimated, while corporate profits climbed at the slowest pace in three years, raising the risk that business investment and hiring will cool. Economic recovery in G7 countries remains fragile despite some ...