U.S. Jobs Data Expected to Tell Economic Tales
Here's a follow up to Steve Liesman's report on the U.S. monthly jobs numbers--we told they come out tomorrow at 8:30 a.m. ET – and a lot is riding on them. The data will suggest whether we're heading toward recession or if inflation is coming. On "Street Signs", CNBC’s Erin Burnett took a closer look at the expectations when non-farm payroll and unemployment data is released.
She spoke with Rajeev Dhawan, the Director of Georgia State University’s Economic Forecasting Center and Conrad Dequadros, a Senior Economist at Bear Stearns.
Rajeev Dhawan said weakness is going to come from service sector which is 80% of economy - and it's not going to add as many jobs. She says we're going to see moderation.
Conrad Dequadros thinks we'll see decent growth in service sector employment and a decline in manufacturing and construction.
He says weakness in construction jobs reflects the weakness in residential housing--but on the non-residential side we see strength.
Overall--Dequadros thinks the rest of the economy will perform quite well and that the unemployment rate will likely remain at low levels.
Stocks fell on Thursday, led lower by technology shares, as investors turned skittish about Friday's jobs report and the economy's prospects.