US new jobs data beats forecasts

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  • xman
    Admin
    • Sep 2006
    • 24007

    US new jobs data beats forecasts

    </span> The unemployment rate has been at the current level for three months
    Related stories
    The US unemployment rate remained unchanged at 9.6% in October, but 151,000 jobs were created, the Labor Department has said.

    The new jobs figure is much higher than analysts had expected amidst the sluggish recovery of the economy.

    The unemployment rate has now been at the current level for three months.

    The US Federal Reserve announced on Wednesday it would pump $600bn (&pound;373bn) into the US economy to boost the speed of recovery.

    High unemployment was named as one of the reasons for the intervention.

    &ldquo;It is not that the Americans have not pumped enough liquidity into the market and now to say let's pump more into the market is not going to solve their problems&rdquo;

    Wolfgang Schaeuble German finance ministerChina and Germany criticise Fed
    The October unemployment rate itself was in line with Wall Street forecasts.

    "We still have the unemployment rate steady so this isn't going to affect the Fed thinking too much at this point," said economist Sean Incremona at 4Cast Ltd in New York.

    The net gain of 151,000 jobs was the first increase since May.

    US stock index futures surged on the announcement, while the dollar strengthened against the euro and yen.

    There were 41,000 jobs shed in September, according to revised figures.

    The private sector added 159,000 jobs in October, while the state cut 8,000 positions.

    Since the beginning of the year, 874,000 new jobs were created in the US, after huge job losses in 2008 and 2009.

    The Republican Party, which took control of the House of Representatives in Tuesday's congressional elections, was helped by voters' anger over high unemployment.

    Nearly 15 million people are registered as unemployed and the lack of jobs was a key issue for many voters who punished President Obama's Democrats.

    This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.


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