Business digest 08/07/04

Consumer confidence at highest level in months

WASHINGTON -- Consumer confidence surged during the past month to its highest level since the beginning of the year. The AP-Ipsos consumer confidence index climbed to 104.8 in August, up from 92.0 in July. The AP-Ipsos confidence index is benchmarked to a 100 reading on January 2002, the month the index was started by Ipsos. Consumer confidence has been rising for the past four months amid signs of economic recovery.

Labor figures show 32,000 new jobs in July

WASHINGTON -- America's payrolls grew by an anemic 32,000 new jobs in July, according to a Labor Department report that rattled Wall Street and sent stocks tumbling. The latest snapshot on employment growth, released Friday, showed the smallest gain in hiring since December. Job gains reported earlier for May and June also were lowered. The unemployment rate, however, dipped to 5.5 percent last month, from 5.6 percent in June. The new rate was the lowest since October 2001. The payrolls figure and the unemployment rate can sometimes go in different directions because they are derived from two separate statistical surveys.

-- From wire reports