If so, that target will be at its lowest mark in seven years. Although many economists say the employment report should actually be considered a lagging indicator as it reflects layoff announcements that have peppered news reports over the past few months, they concede that its impact is nonetheless important for market and consumer sentiment. Manufacturing jobs fell by another 104,000 and accounted for roughly half of April's weakness, Bureau of Labor Statistics Commissioner Katharine Abraham said. Services jobs fell by 121,000. Fed worried about energy Two regional Fed bank presidents, speaking at separate events Friday, noted the negative impact from eye-popping energy prices on the economy's recovery.
Energy prices are a risk to the outlook going forward.
Richmond Fed President J. Alfred Broaddus said steep pump prices were contributing to a deterioration in consumer confidence. Broaddus does not vote on policy this year. More signs of a slowing economy helped the mortgage-backed securities market as well on Friday. Co. All rights reserved.