US jobs growth data beats expectations despite trade war concerns
The US economy added 266,000 jobs last month despite economists’ expectations of a slowdown.
It was the highest number of jobs added to the economy in 10 months, aided by striking GM workers returning to work and a rise in healthcare posts.
The unemployment rate also reduced slightly from 3.6 per cent to 3.5 per cent.
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It means the US economy has continued to expand despite the continuing hit to business and investment confidence cause by the trade war with China.
The report from the US Labor Department revealed improvements across the board.
Those working part-time but wanting full-time roles dropped to 4.32m, well below the 30-year average.
There was also an improvement in wage growth, which was 3.1 per cent up on November 2018.
In the wake of the news, Donald Trump tweeted: “Great jobs report!”
Analysts had predicted around 180,000 jobs being added, although the current figure of 266,000 could be revised down.
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The US economy grew 2.1 per cent year-on-year in the three months to the end of September, according to the latest government estimate.
Although business investment and confidence has fallen amid concerns on trade and global growth.
It has seen the US central bank lower interest rates three times since July, but the strength of the latest hiring means rates are likely to remain the same now.