The American economy unexpectedly shed jobs in July, with the Bureau of Labor Statistics reporting a loss of twenty-three thousand positions — far worse than forecasts of a gain of more than eighty thousand.
The unemployment rate held at four point one per cent, but June's payroll figures were also revised sharply lower, meaning the labour market has now contracted for two consecutive months.
Wall Street nevertheless rose on the data, with investors betting the weak numbers increase the likelihood of a Federal Reserve interest rate cut.
Mitch Mccann reports from New York.
IN: “This jobs data...”
OUT: “...only 30,000 jobs.”
DUR: 26 seconds
http://www.fsnradionews.com/feeds/0807-1712mccann-usjobsdata1.mp3
(ALT)
Mitch Mccann in New York says that despite the weak employment figures, markets moved higher as traders weighed the prospect of the Federal Reserve holding off on any rate rise.
IN: “Now despite that...”
OUT: “...in the interim.”
DUR: 25 seconds
http://www.fsnradionews.com/feeds/0807-1712mccann-usjobsdata2.mp3