May 2001 - H1B News
US economy Improves - Postive results from 1st quarter

The Commerce Department said the nation's economy grew at a 2 percent annual rate in the first quarter of 2001, up from 1 percent in the fourth quarter of 2000. But the companies are cutting thousands of jobs in recent months, the job market has weakened. US department of labour reported on 26th April-2001, as the unemployment claims at highest level in more than five years. The claim from unemployed labours reached upto 408,000. This is NOT applicable for H1B holders, since H1B holders are not paying any unemployment taxes and they are NOT eligible for this unemployment claims.

For more details, please visit http://cnnfn.cnn.com/2001/04/27/economy/economy/

Tech Stocks are UP

Because of the government's recent economic data the tech stocks are gaining values. This reflects the economy is expanding but not surging. The nation's gross domestic product grew at a surprisingly strong 2 percent annual rate in the first three months of the year. The gain in gross domestic product surprised economists, who expected growth of about half the 2 percent rate. That news helped brightened the outlook for corporate profits, overshadowing for a day a string of dismal news about layoffs, consumer confidence and manufacturing. More stocks rose than fell. In other markets, the dollar rose against the euro and yen.

For more details, please visit http://cnnfn.cnn.com/2001/04/27/technology/techwrap/

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