Saturday, 3 November 2012

US employment accelerates, eurozone manufacturing deteriorates

Reports on the US economy on Friday were positive.

US employment growth accelerated in October. Nonfarm payrolls increased by 171,000 after a 148,000 gain in September. However, the unemployment rate rose to 7.9 percent from 7.8 percent as a result of a larger labour force.

US factory orders rose 4.8 percent in September, the biggest gain since March 2011. Excluding transportation, orders rose 1.4 percent. Orders for non-defense capital goods excluding aircraft increased 0.2 percent.

European data on Friday were not as good. Markit's manufacturing PMI for the euro area fell to 45.4 in October from 46.1 in September.

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