Jobs data weighs on wall street, but some say stocks are overvalued
By Ben Swann and John Martin
WASHINGTON (Reuters) - U.S. job creation fell in July, but the jobs market rebounded in August, adding to optimism among investors and economists about the government's recovery, while some see a boost in spending from companies that created the jobs.
Job gains in the private sector were revised up by 288,000 for July, the Labor Department said on Friday, after adding the gain earlier in the month.
The government has revised its forecasts for U.S. employment and payrolls for every two months since late 2011, but the pace of change in recent months has exceeded earlier estimates.
The pace of improvement was largely due to companies continuing to add jobs after the July hiring binge, a sign that policymakers are taking notice of the recovery.
"While we believe that the unemployment rate is still too high, we think the economy is showing some good signs and should be able to create more good-paying jobs in the coming months," said Mark Zandi, chief economist at Moody's Analytics in New York.
The manufacturing sector grew faster than it has in almost seven years but saw a drop in both hiring and jobless claims.
Analysts at Credit Suisse in New York were divided over whether the latest job numbers will spur a "slow" pace of investment and investment in the U.S. economy, which in turn may limit the impact of the fiscal 2015 fiscal cliff, which Congress was debating on Friday.
"While the industry jobs numbers are encouraging, we can't discount the possibility that some companies will look to sell or leave jobs as the current recovery continues," the analysts said in a note.
The labor and retail industries, which account for a majority of jobs in the U.S. economy, added 212,000 jobs last month, the better than consensus forecast, and both will add 185,000 jobs in September, according to the National Employment Law Project, a Washington think tank.
Industry and employment data show the U.S. economy continued to grow at a respectable clip of 3 percent in July and 4.9 percent in August, but the Federal Reserve cut its main interest rate to a record low of zero percent this month on the expectation that the weak economy will boost growth.
It will take at least a little longer for consumer spending and businesses to pick up, but some economic analysts expect that by next year, the economy should have picked up to more than 3 percent from the 1.8 percent the data showed in May, according to data firm RealClearEconomy.
U.S. stocks rose in early trading as much of the U.S. recovered from its firs
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Drilling results to highlight uranium mining waste in Canada's boreal forest
April 27, 2014 – Mines Minister Frank Benoit says new guidelines were implemented to help provinces and territories assess the extent of their uranium mining waste in their boreal forests.
In the first report in several years, the Canadian Centre for Policy Alternatives (CCPA) report found that in northern and central Canada, 6,800 square kilometres of boreal forests remain inaccessible to most Canadian researchers for this reason: there are no regulations to help control waste management.
"The waste in the boreal forests could potentially contaminate food supplies as well as human health, and the Canadian government needs to find a way to manage it," says Jim Watson, policy lead at CCCA, an environmental group working on the report.
The study also found that there was relatively little regulation for large-scale uranium mining, with only one federal regulation. "We believe the rules are on the side of big business, and it's not good for our environment, particularly on the scale that uranium mining is doing in the boreal forests right now," Watson says.
"We know it is too bad these big mining companies have so little control over their waste — it needs regulation to keep their waste under control and also prevent pollution. It's just a sad reality."
The CCPA's report is based on information supplied to the federal minister's office by industry, communities and researchers in northern Canada. The report, conducted in collaboration with Environment Canada, found that federal rules on management are inconsistent and in place to protect only one type of waste.
The researchers reviewed government and industry documents, and interviews with industry stakeholders and scientists, including scientists in Saskatchewan, B.C. and Alberta.
The report found that, based on information provided to the federal minister's office, it appears the government has about one year to make a decision on how it intends to monitor uranium mining waste in the boreal forests. The CCPA will continue to monitor the status of the monitoring program as it moves ahead and, if any recommendations are made, CCCA hopes to submit the report to government with further analysis.
The report details how, between 1993 and 2002, the government regulated uranium mining waste for one type of resource in Canada's boreal forests, but at the end of that time, mining companies changed and consolidated the activity, creating new regulations for the other activities and new regulations for the mining industry.
In 2009, following a three-year, $10-million government campaign and lobbying effort, the Canada Revenue Agency and the Federal Court of Canada ruled that the new rules for the mining industry to manage uranium mining waste were unlawful, because uranium mining was now associated with the waste from uranium-mining operations in many mor
