RJ and Makay

>> Read More RJ & Makay Blog Posts

The U.S. Department of Labor (DOL) issued a rule yesterday that will expand access to personalized investment advice for workers in retirement savings plans, Assistant Secretary of Labor Phyllis Borzi said.  Advisors to defined-contribution plans such as 401(k)s and IRAs will be able to recommend investments and receive fees from investment companies.

Wall Street employment climbed 5.1 percent in March from a year ago, but was roughly flat on a monthly basis. Investment banking headcount moved slightly higher, though the category posted it’s lowest total in 10 months, according to the New York State Department of Labor.

Overall, Wall Street reported 169,000 professionals, up from 160,800 a year ago, but down 0.4 percent from 169,600 in February. So far this year, the financial services industry has added 8,200 jobs. In 2010, the securities industry added jobs in 11 of 12 months, with average gains of 800 per month.

New applications for unemployment benefits fell significantly last week — by 42,000 to 415,000, says the Department of Labor (DOL). The continuing unemployment claims picture is looking a bit better, too. In the week ending January 22, continuing unemployment claims fell by 84,000 to a seasonally adjusted 3.93 million. Continuing claims reflect the number of people who previously filed for and are receiving jobless benefits.

Last week's drop in new applications was slightly better than predicted by economists, who were expecting a decline to a seasonally adjusted 418,000. The number of new claims for the prior week was revised higher by 3,000 to 457,000, the DOL notes.