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ADP: US adds 158,000 jobs in October in sign economy is ‘holding its own’

Posted by The Agonist on November 1st, 2012

From our partners at The Agonist

Jobs growth for last month exceeds expectations as September numbers revised upward in good news for US recovery

The Guardian, By Dominic Rushe, November 1

New York – US companies added 158,000 jobs in October, far higher than expected, according to the latest survey from payrolls processor ADP.

Analysts had been expecting the private sector to add 88,000 jobs in October.

The figure comes ahead of Friday’s nonfarm payroll report, which also includes government jobs. The bureau of labor statistics’ monthly jobs tally has become a flashpoint in the 2012 election with both president Barack Obama and rival Mitt Romney parsing the report to bolster their campaigns. Friday’s will be the last before election day.

“The job gain is broad based and across industry,” said Mark Zandi, Moodys analytics chief economist. “It feels like the jobs market is holding its own.”

Eurozone unemployment hits new high

More than one in four people out of work in Greece and Spain as jobless rate rises to 11.6%, according to Eurostat data

The Guardian, By Julia Kollewe & Phillip Inman, October 31

Unemployment in the eurozone has risen to a new record, with more than one in four out of work in Spain and Greece.

There are now 18.49 million people without jobs in the 17 countries sharing the euro, said the European statistics office Eurostat on Wednesday with an extra 146,000 joining the ranks of the unemployed last month.

Youth unemployment – joblessness among under-25s – rose to 23.3%, up from 21% during the same month a year ago.

The prospect of high and rising unemployment, especially among younger workers, is expected to persuade the European Central Bank to cut interest rates in the new year from the current record low of 0.75% to support the flagging economy, which probably slumped back to recession in the third quarter, analysts said.

But in contrast to the hope of stimulus from the ECB, Brussels and most eurozone governments have put cuts in spending ahead of schemes to create jobs, despite predictions that the situation will worsen over the coming months.

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