U.S. employers added 94,000 jobs in November

December 7, 2007 at 11:54 pm | Posted in economy, USA | Leave a comment

WASHINGTON (Reuters) – U.S. employers added 94,000 jobs in November and the unemployment rate held steady, the government said on Friday in a report suggesting the U.S. economy was slowing, but not tumbling into recession.

In Wall Street‘s eyes, the signs of steady if somewhat tepid job growth buttressed the case for only a modest interest rate cut from the Federal Reserve next week, not the large half-percentage point reduction some had begun to expect.

A separate report, however, showed U.S. consumers’ mood grew darker in December, while another suggested consumer credit tightened in October in the wake of financial market strains.

“Current employment gains are not robust, but sufficient to keep the consumer out of serious trouble,” said Stephen Gallagher, chief U.S. economist for Societe Generale in New York, noting that Americans were battling with slumping home prices and soaring energy costs.

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