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US economy weathering housing and credit problems


US economy weathering housing and credit problems


The US economy added 166,000 jobs in October, that is more than twice as many as economists had forecast.

At the same figures were released for new orders at US factories in September. They unexpectedly rose by 0.2% thanks to improved orders for machinery and computers.

Analysts said that the figures seem to show that for the moment the US economy is coping with the problems in the housing and credit markets.

But the financial sector, and particularly brokerage firm Merrill Lynch, remain under pressure.

Just days after it announced a 1.6 billion euro third quarter loss the Wall Street Journal has reported the brokerage may have used deals with hedge funds to temporarily move those losses off its balance sheet.

Responding Merrill Lynch said it had “no reason to believe that any such inappropriate transactions occurred.”

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