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US job creation slows in November US job creation slows in November
(about 6 hours later)
US employers added 94,000 jobs in November, with the rate of hiring slowing from the previous month, the Labor Department has reported.US employers added 94,000 jobs in November, with the rate of hiring slowing from the previous month, the Labor Department has reported.
The total came in slightly ahead of forecasts by Wall Street economists for 90,000 jobs, bolstering the dollar.The total came in slightly ahead of forecasts by Wall Street economists for 90,000 jobs, bolstering the dollar.
The unemployment rate held steady at 4.7 percent, the department said.The unemployment rate held steady at 4.7 percent, the department said.
The health of the job market is a key factor determining whether the economy will survive stresses from housing market problems and the credit crunch.The health of the job market is a key factor determining whether the economy will survive stresses from housing market problems and the credit crunch.
'Restoring confidence'
Federal Reserve policy-makers are widely expected to cut interest rates by at least a quarter percentage point when they meet next Tuesday.Federal Reserve policy-makers are widely expected to cut interest rates by at least a quarter percentage point when they meet next Tuesday.
Some analysts speculate the US central bank might trim rates by a more aggressive half percentage point in order to ward off what many see as rising risks of recession in 2008. This assures a rate cut for next week Hank Smith, Haverford Investment
Some analysts speculate the US central bank might trim rates by a more aggressive half point in order to ward off what many see as rising risks of recession in 2008.
The Fed has already cut rates twice in recent months amid fears that the housing market downturn and the squeeze in bank credit is draining the economy of momentum.
Despite these worries, President George W. Bush has insisted that the economy remains fundamentally "robust".
Credit move
"This assures a rate cut for next week," Hank Smith, chief equity investment officer at Haverford Investment, said of the employment figures.
"Our view with this rate cut is that it is less about the economy and more about the credit markets and providing continued lubrication for the credit markets in order to restore confidence."
The dollar rose on the payroll report, trading at $1.4614 per euro compared with $1.4630 prior to the report.The dollar rose on the payroll report, trading at $1.4614 per euro compared with $1.4630 prior to the report.
The Labor Department revised up the payroll gain for October to 170,000 from the 166,000 previously reported.The Labor Department revised up the payroll gain for October to 170,000 from the 166,000 previously reported.
September payroll additions were cut from 96,000 to 44,000 - the weakest monthly gain in more than 3-1/2 years.September payroll additions were cut from 96,000 to 44,000 - the weakest monthly gain in more than 3-1/2 years.