Stocks slump Monday
NEW YORK, April 23 (UPI) -- Stocks turned lower on Wall Street following sharp losses in Asia and Europe and news that Walmart was investigating allegations of bribery in Mexico.
Shares at the world's largest retailer fell after a lengthy New York Times article told of Walmart executives ignoring in-house concerns over bribes given to hasten development in Mexico.
Walmart shares fell 4.44 percent. The Dow Jones industrial average, where Walmart is listed, lost 140.43 points in early afternoon trading, off 1.08 percent, to 12,888.83.
The tech-dominated Nasdaq composite index shed 34.90 points or 1.16 percent to 2,965.55. The Standard and Poor's 500 index gave up 14.18 points or 1.01 percent to 1,364.66.
The 10-year treasury note rose 10/32 to yield 1.93 percent.
The euro fell to $1.3126 from Friday's $1.3218. Against the yen, the dollar fell to 81.14 yen from Friday's 81.55 yen.
In Tokyo, the Nikkei 225 index dropped 0.2 percent, 19.19, to 9,542.17.
In London, the FTSE 100 index shed 1.85 percent, 106.58, to 5,665.57.
NABE survey: Job growth looks promising
ARLINGTON, Va., April 23 (UPI) -- U.S. jobs growth lags but looks promising as sales and profit-margin increases suggest a growing economy, a survey of economists and policymakers showed Monday.
Fifty-nine percent of National Association for Business Economics panelists in an April survey reported unchanged employment, while 28 percent reported rising employment, the survey indicated.
But panelists had a more optimistic employment outlook for the next six months than in a January survey, the association said.
About 39 percent said they believed employment would rise over the half-year, up from 27 percent expressing this view in January.
Job growth would likely be greatest in the finance, insurance and real estate sector, the survey indicated.
Forty-eight percent of the 55 applied economists, strategists, academics and policymakers surveyed said they thought employment would remain steady the next six months, while 11 percent, or nearly double the January percentage, suggested employment would decrease through attrition.
The association said a decrease through attrition suggested a positive employment outlook "since decreases through attrition often occur when the employee believes that he/she can find another job."
The April survey also found stronger evidence of rising wages than in the last survey.
Forty-four percent of the panelists reported wages and salaries rose, up from 26 percent saying so in January, while 48 percent said wages were unchanged, down from 71 percent in January.
Almost two-thirds of the panelists forecast the U.S. economy would grow between 2.1 percent and 3 percent this year, the survey said.
The April industry survey was conducted March 20 to April 10.
Canada reverses wholesale sales decline
OTTAWA, April 23 (UPI) -- Wholesale sales in Canada reached $48.5 billion in February, a 1.6 percent month-over-month gain after a January decline, Statistics Canada reported Monday.
"The largest increase in dollar terms was in the motor vehicles and parts subsector," the agency said. "Sales were up 2.7 percent to $7.7 billion in February."
The gain came after January's monthly wholesale trade numbers fell 1.1 percent.
"Higher sales were reported in most subsectors in February, four of which accounted for about 90 percent of the national growth," StatsCan said.
Among the other wholesale sectors reporting gains, the home entertainment equipment and household appliances industry posted a 12.3 percent increase in February. The pharmaceuticals and pharmacy supplies industry recorded a 3.1 percent gain for the month.
U.S. economists gain confidence
NEW YORK, April 23 (UPI) -- A quarterly survey of U.S. economists points to an improved outlook for the rest of 2012, compared to the previous survey.
USA Today reported Monday that the median estimate for the economy in the most recent survey pointed to 2.5 percent growth in 2012. In the previous survey, the median estimate – the point where half the economists forecasts where higher and half were lower – pointed to growth of 2.3 percent for the year.
"Things are getting better. The economy is picking up and hiring is going to be on the rise," said economist Jeff Rosen at Briefing Research in Chicago.
Economists predict the unemployment rate will drop to 8 percent in the fourth quarter, which would be a promising sign for President Barack Obama's hopes for a second term in office.
Gasoline prices, dropping now from a national average of nearly $4 per gallon, are expected to return to $4 per gallon by Independence Day and drop off to $3.80 per gallon by Election Day, which is high from an historic perspective, but could play well for the president's re-election campaign, given – if forecasts are correct -- prices will be trending lower headed into November.
The National Association for Business Economists found a similar upswing in sentiment. The number of economists predicting economic growth of 3 percent or more this year has tripled compared to NABE's January survey.
