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Orlando noted that the first few months of the year were marked by a number of abnormal conditions including an uncharacteristically warm January and February. That led to a spurt in hiring which usually occurs in spring.
Retail sales and hiring were also affected by an earlier Easter, which fell on April 8 this year, 16 days earlier than last year. That pushed some retail sales ahead to March, leaving April's numbers weaker than they might have been. Retailers also blamed a late Mother's Day for pushing some sales out of April and into May. Unusually warm weather in February and March also pulled forward some sales that would have normally occurred in April.
"The surge in hiring and spending that usually occurs in March through April, occurred earlier in the year this year," said Orlando. "We have to wait for economic numbers from May and June to get a better idea of the underlying strength of this economy."
After the price of oil fell, energy company stocks turned lower in response. Southwestern Energy Co. fell 7 percent and Marathon Oil Corp. fell 3 percent.
In other trading:
Warnaco Group Inc. dropped over 6 percent after the clothing maker lowered its 2012 forecast and said that its first-quarter net income fell, hurt by the weak European economy.
Aon Corp. fell almost 6 percent after the insurance broker reported first-quarter net income fell 3 percent due to higher costs and unfavorable currency exchange rates.
LinkedIn Corp. rose 7 percent after announcing late Thursday that its first-quarter profit more than doubled, topping expectations. The social networking company also announced an acquisition.
Tilly's Inc. climbed 8 percent in the clothing retailer's debut on the New York Stock Exchange. Tilly's sells surf-inspired and casual West Coast-styled clothing and accessories.
Einstein Noah Restaurant Group Inc. soared 19 percent after the owner of bagel chain Noah's Bagels said it is considering strategic alternatives, including a possible sale of the company.
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