Weak Job Growth Cheers Wall Street

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NEW YORK: Same as it ever was when there's mediocre news in the job market, Wall Street cheers. This morning's unemployment figures from the Labor Department drove the bond market up and made investors ever more exuberant. "Just when we thought it couldn't get any better, by God it did," gushed Robert Froehlich of Kemper Funds. Why the excitement? The jobless rate stayed steady at 4.9 percent, when most analysts had been forecasting a fall. No new jobs, of course, means less wage inflation, and a nicely tepid economy for all. Money Daily has the details.