Wall Street Watch: BLS Unemployment, HTC’s Fall
In March, 120,000 jobs had added for the month according to government reports. This represents the lowest rise in five months. The number of jobs created in March came in below expectations and did not break 200,000, which was a first since December. Economists had forecast a 210,000 rise. Unemployment rate dropped to 8.2% from 8.3%, primarily due to people leaving the work force.
Societe Generale analysts believe Japan’s central bank will probably decide to ease monetary conditions after its two-day policy meeting which begins on Monday. They noted that the central bank has felt increasing political pressure to take a greater activist tact toward eliminating deflation, reported MarketWatch.
In a Societe General research note on Friday, Chief Japan Economist Takuji Okubo wrote there’s rising pressure on the Bank of Japan, including a legal reform proposal by the opposing Liberal Democratic Party that would allow Japan’s cabinet to have the authority to get rid of the central bank’s top dog should inflation drop below target.
HTC Corp. reported its lowest quarterly profit since 2006 when it began selling cellphones through its own brand. High competition and the slow global economy cut 70% of profits in the company’s unaudited first quarter net profit figure. The results were in line with analysts expectations but there is concern over increasing competition from Apple (NASDAQ:AAPL), Samsung and Chinese brands.
A second night of fights between Greece police and protesters took place on Thursday. The unrest comes after a senior citizen committed suicide after having his pension cut from austerity efforts. He joined three other people this week who also killed themselves due to financial challenges, reported Reuters. Greece Prime Minister Lucas Papademos expressed sadness over the deaths and reportedly said he has asked his country and citizens to “support those next to us in desperation.”
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