U.S. job growth slows before shutdown
The United States turned in a worse-than-expected jobs report, suggesting the country's economy was losing steam, even before a budget fight led to a government shutdown.
Employers added about 148-thousand workers to payrolls in September, falling far short of the 180-thousand that many had expected.
"you have businesses that were scared by what happened during the recession, the pace of the recovery has been disappointing, so they've been reluctant to hire and also I think you have concerns about the health care law that might be weighing on hiring as well."
On the upside, the number of jobs added were still enough to bring the unemployment rate down to the lowest level since November 2008.
The unemployment rate fell by a tenth of a percentage point to 7.2 percent in September.
Job prospects however doesn't look too good for the month of October, as the 16-day government shutdown and linger political uncertainy are expected to take a toll on employment.
"In terms of jobs, there's no question that the shutdown, the uncertainty associated with the brinksmanship over the debt limit, are going to reduce the number of jobs we otherwise would've gotten October."
Investors, however, were upbeat as they expected the U.S. Federal Reserve to keep the monetary stimulus until early next year,.. given the poor jobs report.
The S&P 500 closed higher by point-five-seven percent, hitting yet another record high.
The Dow Jones and the Nasdaq also rose by point-four-nine percent and point-two-four percent respectively.
Asian markets also firmed in early trading, tracking Wall Street gains.
Yoo Li-an, Arirang News.
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