Financial markets rallied Friday as an increase in U.S. hiring suggested the world's largest economy is not heading for recession but recovering gradually.
The news helped offset disappointment from the previous day, when the European Central Bank failed to deliver on bold promises of immediate action to overcome the region's debt crisis.
The U.S. Labor Department said Friday that 163,000 jobs were added in July, a timid sign of growth after three months of worryingly weak economic indicators and the highest number since February. The increase, however, was not enough to prevent a 0.1 point increase in the unemployment rate, to 8.3 percent.
Analysts said the number was strong enough to dispel fears of imminent recession, but likely not so strong as to dissuade the Federal Reserve from taking more action to help the econom
Read more: US jobs data trigger global market rally - Marin Independent Journal
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