Friday, January 4, 2008

employment numbers in Dec 2007

Jan. 4 (Bloomberg) -- Hiring in the U.S. slowed more thanforecast in December and unemployment jumped to a two-year high, raising the odds the Federal Reserve will need to cut interest rates by half a point this month to ward off a recession. --Payrolls rose by 18,000, the least since August 2003, aftera 115,000 gain in November that was larger than initially reported, the Labor Department said today in Washington. Thejobless rate rose to 5.0 percent from 4.7 percent in November. --Among the most worrisome parts of the report: Private-sector payrolls declined 13,000, the first decrease since 2003. That was more than offset by govnerment jobs. Government job growth isn't likely to continue, considering the fiscal pressure on government revenue. --Slowing job growth is the clearest sign yet that the U.S.expansion is at risk amid tighter credit, a deeper housing slump and a stumbling stock market. Fed policy makers last monthlowered growth forecasts and said they were concerned a ``marked --lastest evidence that economy is headed for downturn.

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