33780
US Payrolls Surge
World Economy

US Payrolls Surge

US job growth surged in December and employment for the prior two months was revised sharply higher, suggesting that a recent manufacturing-led slowdown in economic growth would be temporary. Nonfarm payrolls increased by 292,000 last month, the Labor Department said on Friday. The unemployment rate held steady at a 7-1/2-year low of 5% even as more people entered the labor force, a sign of confidence in the labor market, Reuters reported.
October and November payrolls were revised to show 50,000 more jobs created than previously reported, adding to the report’s upbeat tone. The only wrinkle was a one cent drop in average hourly earnings, but that was most likely because of calendar effects which should reverse in the January report.
The solid employment data should soothe fears over the economy’s health and suggests the recent weakness in activity is mostly limited to the manufacturing and export-oriented sectors, which have been hit by a strong dollar and anemic global demand. Efforts by businesses to whittle down an inventory glut and spending cuts by energy companies have also inflicted pain.
In the wake of soft reports on manufacturing, construction spending and export growth, economists this week slashed their fourth-quarter growth estimates by as much a full percentage point to as low as a 0.4% annual rate. The economy grew at a 2% rate in the third quarter of last year.

Short URL : http://goo.gl/WolRt4
  1. http://goo.gl/v3RoyR
  • http://goo.gl/GPR8OS
  • http://goo.gl/aushre
  • http://goo.gl/2tKtlN
  • http://goo.gl/10aVqe

You can also read ...

Both, Russia and China, have intensified efforts in recent years to settle bilateral trade not in US dollars, but in rubles and yuan. Gold is considered important by both countries.
The issue of when a global reserve currency begins or ends is...
Norway’s Sovereign Wealth Fund  Hits $1 Trillion
The Norwegian sovereign wealth fund, the largest in the world...
Janet Yellen
As the Fed starts unwinding the stimulus it provided to snap...
Multinational digital firms, mostly based in the US, have pushed for globally harmonized rules that would provide predictability and limit the space for national governments to intervene in digital flows.
The increasing digitization of the global economy is changing...
Kazakh Economy Grows by 4.3%
The economic growth in Kazakhstan was at 4.3% since the...
Ukraine Raises $3b in First Bond issue
Ukraine has raised $3 billion in its first sovereign bond...
Hungary CB Rate on Hold
The Monetary Council of the National Bank of Hungary, or MNB,...
The IMF could write off its debt and lighten Greece’s burden.
“Beware of Greeks bearing gifts,” wrote the ancient Roman poet...

Trending

Googleplus