03 Feb '12, 9pm

Dow rises on surprise surge in US job market

WASHINGTON - Employers in the United States created jobs last month at the most robust pace since last spring, giving the stock market a fillip as investors saw the data as a sign that the growth momentum of the world's largest economy carried into the new year. Non-farm payrolls rose by 243,000 last month, the Labour Department said yesterday, marking the biggest gain since April. The jobless rate fell by two-tenths of a percentage point to 8.3 per cent, the lowest since February 2009 and the fifth straight month the rate had declined. The last time the unemployment rate dropped for five straight months was in late 1994. Both figures topped Wall Street's expectations. Economists had forecast a median gain of 125,000 in payrolls and for the jobless rate to remain unchanged from the previous month at 8.5 per cent. Ten minutes after the opening bell, the Dow Jones Industrial...

Full article: http://www.todayonline.com/Business/EDC120204-0000056/Uni...

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