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American Morning

Minding Your Business: January Job Jump?

Aired February 06, 2004 - 07:47   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


BILL HEMMER, CNN ANCHOR: Let's talk some money news now. Major unemployment news out this morning. Andy Serwer is following that, "Minding Your Business," back with us.
Drew, good morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning.

HEMMER: What are you thinking here?

(CROSSTALK)

SERWER: Well, I wish I was doing what Jeff Greenfield would do and learn how to keep my mouth shut, but I've got to predict stuff a little bit here of what's going on.

Let's talk a little bit about what happened yesterday, a little bit of a reprieve for investors. Stocks were up nicely, especially after a couple of weak sessions earlier during the week. Dow up over 24 points, right there around 10,500. Nasdaq up as well.

What was happening yesterday? Retailing stocks were very strong for the month of January. Wal-Mart, Costco, Sharper Image and the Gap all leading the market higher.

As you mentioned, 8:30 today is the big event, the main event. That's when the jobs report for the month of January comes out.

Now, economists are looking for us to add 150,000 jobs for the month, which is significant there. An important thing is that in December, we only added 1,000. That could even get revised downward. And you best believe those Democratic candidates, Bill, and the president will be watching this very, very closely this morning.

HEMMER: Got it. Quickly here, Home Depot is teaming up with the AARP.

SERWER: Yes, speaking of jobs...

HEMMER: What's happening?

SERWER: Well, this is a really funny one here. Home Depot and the AARP are getting together to recruit and train over-50 workers. What's going on here? Home Depot is opening up 175 new stores this year, and they're going to need 35,000 workers. A lot of seniors are looking for jobs, experienced people who know from crescent wrenches, Bill, a lot of younger people don't know their stuff, their hammers and nails. And so, this looks like a partnership that could work.

HEMMER: Good deal. Thank you, Andy. Talk to you in, what, 41 minutes, right? Get a jobs report?

SERWER: Yes.

HEMMER: OK.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.







Aired February 6, 2004 - 07:47   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Let's talk some money news now. Major unemployment news out this morning. Andy Serwer is following that, "Minding Your Business," back with us.
Drew, good morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning.

HEMMER: What are you thinking here?

(CROSSTALK)

SERWER: Well, I wish I was doing what Jeff Greenfield would do and learn how to keep my mouth shut, but I've got to predict stuff a little bit here of what's going on.

Let's talk a little bit about what happened yesterday, a little bit of a reprieve for investors. Stocks were up nicely, especially after a couple of weak sessions earlier during the week. Dow up over 24 points, right there around 10,500. Nasdaq up as well.

What was happening yesterday? Retailing stocks were very strong for the month of January. Wal-Mart, Costco, Sharper Image and the Gap all leading the market higher.

As you mentioned, 8:30 today is the big event, the main event. That's when the jobs report for the month of January comes out.

Now, economists are looking for us to add 150,000 jobs for the month, which is significant there. An important thing is that in December, we only added 1,000. That could even get revised downward. And you best believe those Democratic candidates, Bill, and the president will be watching this very, very closely this morning.

HEMMER: Got it. Quickly here, Home Depot is teaming up with the AARP.

SERWER: Yes, speaking of jobs...

HEMMER: What's happening?

SERWER: Well, this is a really funny one here. Home Depot and the AARP are getting together to recruit and train over-50 workers. What's going on here? Home Depot is opening up 175 new stores this year, and they're going to need 35,000 workers. A lot of seniors are looking for jobs, experienced people who know from crescent wrenches, Bill, a lot of younger people don't know their stuff, their hammers and nails. And so, this looks like a partnership that could work.

HEMMER: Good deal. Thank you, Andy. Talk to you in, what, 41 minutes, right? Get a jobs report?

SERWER: Yes.

HEMMER: OK.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.