Driving the Day: 5/2/12

May 2, 2012

Need to know…

  • U.S. Manufacturing Grows Fastest in a Year. Manufacturing in the United States grew in April at the fastest pace in almost a year, propelled by a pickup in orders that signaled factories will remain a source of strength for the U.S. expansion. The Institute for Supply Management’s factory index climbed to 54.8 last month, exceeding the most optimistic forecast in a Bloomberg News survey. Readings above 50 signal growth.
  • The Case for the Keystone XL Pipeline Gets Stronger. The editorial page of The Washington Post writes today, “The case for ultimately approving the Keystone XL pipeline — always strong — has grown stronger. … [G]iven high world oil prices, the enthusiastic support of the Canadian government, the many transport options and the years available to develop infrastructure, it’s beyond quixotic to believe that enough of the affordable paths out will be blocked. Environmentalists might succeed, however, in relocating some construction jobs outside the United States.” The Post concludes, “So President Obama’s refusal so far to authorize Keystone XL has little rational basis.”
  • Private Sectors Adds 119,000 Jobs in April. U.S. private employers added 119,000 jobs in April, significantly less than expected, according to the ADP National Employment Report. This was the smallest gain since September 2011. Economists surveyed by Reuters had forecast that the report would show a gain of 177,000 jobs.
  • U.S. Stocks Hits 4-Year High. U.S. stocks moved solidly higher yesterday as investors welcomed a rise in U.S. manufacturing activity and a mixed batch of corporate earnings. The Dow rose 66 points to close at 13,279, the highest since December 2007.

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