Strong US economic data

November 3, 2007 at 1:53 am | Posted in economy, USA | Leave a comment
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NEW YORK (Reuters) – Oil surged 2.5 percent on Friday, nearing a fresh peak as strong economic data reignited a rally that has added more than 40 percent to prices since August.”The rally is being fueled by a weak dollar and U.S. economic data in the past two days that shows strength in the third quarter, though concerns are there for the upcoming fourth quarter and the first quarter of next year,” he added.

U.S. data on Friday showed employers added 166,000 new nonfarm jobs in October, double the number economists had forecast amid concern the credit crisis would drag down the world’s largest economy. The momentum builds on weak dollar. Buy resources.oil, coal, mineral, timber, property

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