Thursday, May 28, 2015Thursday, May 28, 2015
News
 

US jobs, factory data point to steady economic growth

Published on Feb 2, 2013 5:48 AM
 
Traders work on the floor of the New York Stock Exchange moments after the Federal Reserve announced they will make no major changes to their policies and will keep interest rates near zero on Jan 30, 2013 in New York City. United States (US) unemployment grew modestly in January and job gains in the previous two months were larger than first reported, a counterpunch to recent data that suggested a tepid economic recovery had stalled at the end of last year. Reports helped propel US stock markets to their highest levels in more than five years, -- PHOTO: AFP

WASHINGTON (REUTERS) - United States (US) employment grew modestly in January and job gains in the previous two months were larger than first reported, a counterpunch to recent data that suggested a tepid economic recovery had stalled at the end of last year.

Adding to that optimism, separate reports on Friday showed factory activity hit a nine-month high in January as new orders rebounded, while car and truck sales surged and consumer confidence perked.

The reports, which helped propel US stock markets to their highest levels in more than five years, contrasted markedly with a government report earlier in the week that said the economy shrank unexpectedly in the final months of 2012, albeit for what most economists consider fleeting reasons.

"It is clear that the economy has a forward momentum. Most pistons in the economic engine are firing, pointing to sustained economic growth," said Mr Sung Won Sohn, an economics professor at California State University Channel Islands.

 
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!