Brushing off slowdown: Job creation surges in US
Labour Department reports surprise surge was some 90,000 jobs more than forecast
WASHINGTON:
The US economy has turned in its best monthly performance for job creation in nearly three years in November, brushing off a global slowdown to pump out a huge 321,000 jobs. The surprise surge reported by the Labour Department on Friday was some 90,000 jobs more than forecast, and was broad-based across the economy, with job pickups in retail, office positions, construction and healthcare, and no particular help from government hiring. Revisions to the two previous months added another 44,000 positions to the rolls of the employed and brought the yearly average to 241,000 a month. That further attested to resilience in the US economy even as China slows and Europe battles the threat of stagnation. On Thursday, the European Central Bank cut its forecast for eurozone growth to just 0.8% this year, compared with 2.2% or more being predicted for the United States.
Published in The Express Tribune, December 7th, 2014.
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