Bloggy Business Today

WASHINGTON |
Thu Feb 2, 2012 9:14am EST

WASHINGTON (Reuters) – New claims for unemployment benefits in the United States fell more than expected last week, pointing to more healing in the nation’s battered jobs market.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 367,000, the Labor Department said on Thursday.

Job growth has gained momentum in recent months and the unemployment rate dropped to a near three-year low of 8.5 percent in December.

Analysts will be watching Friday’s report on January payrolls for insight into what it will mean for policy after the Federal Reserve last week left the door open to additional economic stimulus.

“This is certainly a positive in front of non-farm payrolls and further supports the view that the U.S. economy is creating more jobs with the prospect for a lower unemployment rate,” said Michael Woolfolk, a currency strategist at BNY Mellon in New York.

Analysts polled by Reuters before Thursday’s data expected the payrolls report would show the unemployment rate holding steady at 8.5 percent.

U.S. stock futures erased losses to turn positive after the data, while Treasury debt prices pared gains.

Economists polled by Reuters had forecast claims falling to 375,000. Claims have been lower than 400,000 for eight of the last 10 weeks, holding below a level associated with labor market healing.

The four-week moving average for initial claims, a trend measure that smooths out volatility, fell 2,000 to 375,750.

“It certainly suggests we will continue to see job growth at the higher end of the recent range (which has been between) 100,000 to 200,000,” said Christopher Low, an economist at FTN Financial in New York. “If claims continue to drop then we should see job growth stronger than that.”

The Federal Reserve last week acknowledged some improvement in the labor market, but said the jobless rate remained too high and that it would likely keep overnight lending rates near zero until at least late 2014.

Chairman Ben Bernanke, who is due to testify before lawmakers later on Thursday, has said the Fed was mulling further asset purchases to help foster stronger economic growth.

The number of people still receiving benefits under regular state programs after an initial week of aid fell 130,000 to 3.437 million in the week ended January 21, the lowest since September 2008.

Economists had forecast so-called continuing claims at 3.55 million.

The number of Americans on emergency unemployment benefits rose 100,392 to 3.022 million in the week ended January 14, the latest week for which data is available.

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NEW YORK |
Thu Feb 2, 2012 9:47am EST

NEW YORK (Reuters) – U.S. stocks opened higher on Thursday after jobless claims fell more than expected, boosting optimism about the upcoming government payrolls report.

The Dow Jones industrial average .DJI was up 8.94 points, or 0.07 percent, at 12,725.40. The Standard Poor’s 500 Index .SPX rose 1.98 points, or 0.15 percent, at 1,326.07. The Nasdaq Composite Index .IXIC added 5.72 points, or 0.20 percent, at 2,853.99.

(Reporting By Angela Moon; editing by Jeffrey Benkoe)

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My news for Investors

Company reports 25% year-over-year increase in revenue and continues to see strong customer demand in its core business

REDMOND, Wash., Feb. 1, 2012 /PRNewswire/ — Concur (Nasdaq: CNQR), a leading provider of integrated travel and expense management services, today reported financial results for its first fiscal quarter ended December 31, 2011.

Concur reported total revenue for the first quarter of fiscal 2012 of $100.4 million. Total revenue for the quarter was up 25% from the year-ago quarter and up 5% from the prior quarter. Fiscal 2012 first quarter non-GAAP pre-tax income was $17.9 million, or $0.32 per share.

“Driven by the investments we made in the core business over the past few fiscal years, we recorded an exceptional first quarter of fiscal 2012, with revenue growing 25% year-over-year and EPS coming in ahead of our expectations,” said Steve Singh, chairman and CEO of Concur. “We are pleased with the performance of our business across the board and – driven by the strength of the first quarter of fiscal 2012 and our outlook for the remainder of the fiscal year – we are raising our growth expectations for the fiscal year as a whole.”

Singh continued, “We entered calendar 2012 on a $400 million annual revenue run-rate and expect to exit calendar 2012 on a $500 million annual revenue run-rate. The demand environment remains robust and the investments we are making in fiscal 2012 and 2013 – as we look to double our distribution capacity and drive the innovation curve in our industry – are expected to help us continue to drive strong revenue growth in the years ahead.”

Financial Highlights

• Total revenue was $100.4 million for the first quarter of fiscal 2012, up 25% compared to the year-ago quarter, and up 5% sequentially.
• Non-GAAP pre-tax income was $17.9 million, or $0.32 per share, for the first quarter of fiscal 2012, compared to $16.2 million, or $0.30 per share, for the year-ago quarter. Please refer to “About Concur’s Non-GAAP Financial Measures” below for an explanation of our non-GAAP financial measures used in this press release.
• Non-GAAP operating margin was 20% for the first quarter of fiscal 2012, compared to 22% for the year-ago quarter.
• GAAP cash

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NEW YORK |
Wed Feb 1, 2012 9:42am EST

NEW YORK (Reuters) – The pace of job creation by private employers slowed more than expected in January after a sharp gain the month before, a report by a payrolls processor showed on Wednesday.

The private sector added 170,000 jobs last month, the ADP National Employment Report showed, shy of economists’ expectations for a gain of 185,000 jobs.

It was the smallest gain in three months and inline with economists’ forecasts for private job gains in the more comprehensive labor market report on Friday.

ADP also revised down December’s private payrolls to an increase of 292,000 from the previously reported 325,000. The report is jointly developed with Macroeconomic Advisers LLC.

“The previous two months (ADP) has been well above consensus. With this month, we had a bit of disappointment. The ADP (number) kind of says it’s the right number for the Friday’s payroll report,” said John Canally, economist and investment strategist at LPL Financial in Boston.

U.S. stock index futures held on to gains immediately following the data.

Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.

The ADP figures have had a tendency to overshoot the government report lately. The ADP report has come in stronger than the private payrolls component of the nonfarm jobs report for three straight months, averaging a 62,000 overshoot in the fourth quarter of last year, according to Jonathan Basile, director of U.S. economics at Credit Suisse.

Friday’s report is expected to show the economy created 150,000 jobs, and a gain in private payrolls of 170,000, according to Reuters data.

Despite the expected increase, prospects for a third round of quantitative easing from the Federal Reserve remain good as long as unemployment stays above 8 percent, Michael Woolfolk, a senior currency strategist at BNY Mellon, wrote in a note.

The unemployment rate is expected to hold steady at 8.5 percent.

(Reporting By Leah Schnurr, additional reporting by Richard Leong; Editing by Teodore d’Afflisio)

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