S&P 500 hits record on US jobs data

October 6, 2007 at 12:31 am | Posted in economy, finance | Leave a comment
Tags: ,

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.


Leave a Comment »

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Blog at WordPress.com.
Entries and comments feeds.

%d bloggers like this: