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US September jobs figures disappoint | US September jobs figures disappoint |
(34 minutes later) | |
The US economy added 142,000 jobs in September - far lower than the 203,000 forecasted by economists. | |
However, the unemployment rate held steady at 5.1%. | However, the unemployment rate held steady at 5.1%. |
The figures for both July and August were both revised down by a combined 59,000 jobs. | The figures for both July and August were both revised down by a combined 59,000 jobs. |
The disappointing figures cast doubt on whether the US Federal Reserve will decide to raise interest rates later this month. | The disappointing figures cast doubt on whether the US Federal Reserve will decide to raise interest rates later this month. |
The Labor Department numbers reinforced fears that the China-led global economic slowdown is hitting America's recovery. | |
Summer surprise | |
The number of new jobs for August was cut by 37,000 to 136,000 - in sharp contrast to the upward revision expected by economists. | |
The July total was also reduced, by 22,000 to 245,000. | |
The number of new jobs created in the US has averaged 198,000 a month for 2014 - below last year's average of 260,000. | |
The unemployment rate is derived from a separate survey of households, which showed that 350,000 workers dropped out of the labour force last month. | |
Wage woe | |
Average hourly wages fell by 1 cent to $25.09 during the month and were only 2.2% higher than the same month in 2014. | |
The poor figures erased a robust rise on the FTSE 100, leaving the London market just 0.4% higher at 6,100 points, while Wall Street is set to open about 1% lower. | |
The data also knocked the dollar lower - the pound rose 0.6% to $1.5238 after the numbers were released. |