FINANCIAL TIMES: The S&P 500 index smashed through the 1,600 mark for the first time in history after a better than expected jobs report eased fears about the health of the world’s largest economy.
Non-farm payrolls were up 165,000 in April compared with the 140,000 gain forecast by analysts. The unemployment rate fell to 7.5 per cent, its lowest level since December 2008…
The Obama administration used the jobs report to demand a replacement for across-the-board budget cuts than began at the start of March. “Now is not the time for Washington to impose self-inflicted wounds on the economy,” said Alan Krueger, chairman of the president’s Council of Economic Advisers, on the White House blog… (more)
