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US job creation figures surprise economists


US job creation figures surprise economists


In the US fears about economic growth have been eased with the news that more than 270,000 new jobs were created last month.

The figure came as a major surprise to Wall Street economists. Further underlining the surge was the announcement that job creation figures were miscalculated early on in the year. The government said there were a staggering 93,000 more jobs created in February and March than first thought, taking the total in February to 300,000, 146,000 in March and 274,000 in April. Employment in the construction industry was largely to thank – but manufacturing turned out to be the only major sector to shed jobs. The unemployment rate, which is calculated from a separate survey, did not change from last month’s 5.2 per cent. Indicating stronger times ahead for US industry stock price futures and the US dollar climbed. It is a welcome sign as financial markets had grown nervous as recent data signified a slowing down in economic activity.
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