S&P 500 hits record on US jobs data

October 6, 2007 at 12:31 am | Posted in economy, finance | Leave a comment
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The September jobs report also eased the pressure on the Federal Reserve to cut interest rates to counter the economic effect of the credit squeeze and problems in the US housing industry.

Data showed that the US economy created 110,000 jobs last month and employers added 89,000 staff in August.

This was a sharp revision from earlier estimates, which had suggested 4,000 jobs were lost in August. That had shocked markets and was one of the factors that spurred the Fed into cutting its benchmark interest rate by 50 basis points.

The labour department said first estimates had badly understated government payrolls, particularly teachers returning to school after summer. There was also a September improvement in recruitment in the services sector. Unemployment inched up to 4.7 per cent in September.

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