October 31, 2004

THIS SEEMS LIKE GOOD NEWS:

U.S. employers probably added 175,000 workers to payrolls in October, the most in five months, while the unemployment rate held at a three-year low of 5.4 percent, the median forecast in a Bloomberg News survey of economists shows. . . .

Manufacturing, responding to increased third-quarter consumer demand and business spending on equipment, probably expanded in October, a report tomorrow is forecast to show. The Institute of Supply Management’s gauge of factory activity is forecast to hold at 58.5 in October. Readings above 50 signal expansion and the index has shown growth since May 2003.

I’m guessing this report won’t get much attention.