Stocks are likely get off to a moderately good start this morning after investors return from yesterday’s mass exodus out of tech stocks. But economists are urging caution, as key jobs reports are due out in Canada and the U.S. on Friday.

Meanwhile, Canadian investors are waking up to good news about building. Statistics Canada is reporting that there was a boom in 2003, as municipalities smashed records for both residential and non-residential intentions and the value of building permits soared past the $50 billion mark for the first time.

In total, municipalities issued $50.8 billion in building permits, up 7.5% from the previous record of $47.3 billion set in 2002. It was the eighth consecutive year in which the value of permits increased. “The torrid demand for new housing drove construction intentions to their new peak,” says StatsCan.

On a monthly basis, the year ended on a strong note. In December, builders took out $4.6 billion worth of building permits, up 12.8% from November and the highest figure over the last five months.

The economic news south of the 49th parallel is not quite so positive this morning. The U.S. Labor Department is reporting that the productivity of American workers slowed in the fourth quarter, suggesting that firms may have to start expanding payrolls to meet resurgent demand. Non-farm business productivity grew 2.7%, says Labor, but that’s down sharply from the third quarter’s sizzling 9.5% pace. In all of 2003, productivity reached 5.3%, the fastest rate since 1965. Economists had expected a rate of 2.8% in the fourth quarter.

In a separate report, Labor says that jobless claims hit a four-week high last week, in part due to layoffs related to winter storms in the Midwest and Southeast. Initial jobless claims rose by 17,000 to 356,000. Economists had expected claims to drop by 2,000.

The U.S. employment report for January is due out Friday. Economists are looking for an increase of at least 135,000 jobs, up from the tiny increase of 1,000 in December.

The purchasing managers index is due out later this morning.

In Canadian market news, stocks are poised to open higher buoyed by stronger-than-expected quarterly reports from Falconbridge Ltd. Before the market opened, Falconbridge, posted a 300% rise in fourth-quarter earnings. Increased earnings from Rogers Communications Inc. should also provide a boost to the market. Both companies reported after the market closed on Wednesday.

At midday in Europe, London’s FTSE 100 is down 0.3% while Paris’s CAC40 is up 0.2%. Frankfurt’s DAX is down by 0.1%.

In Asia, Japan’s Nikkei edged up 17.35 points, or 0.17%, to 10,464.60 points. However, Hong Kong shares declined slightly as investors continued to hold off. The Hang Seng Index lost 55.79 points, or 0.43%, to 13030.94 points.

On Wednesday, the Toronto S&P/TSX composite index finished 122.58 points, or 1.42%, lower at 8,538.12.

The Nasdaq composite index fell 52.07 points, or 2.52%, to 2,014.14, its biggest drop since Sept. 24. The Dow Jones industrial average closed down 34.44 points, or 0.33%, at 10,470.74. The S&P 500 Index finished down 9.51 points, or 0.84%, at 1,126.52.