US jobs data boosts recovery hopes

| April 5, 2010 | 0 Comments

The Labor Department today revealed the world’s largest economy added 162,000 jobs last month - the largest job gain since March 2007.

The unemployment rate remains at 9.7% - the third consecutive month it has been at this level.

The news sent oil prices soaring to an 18-month high of $85.89 a barrel and was the highest since the height of the financial crisis in autumn 2008.

The news has also boosted hopes that the economic recovery is gathering steam.

The US economy has lost around 8.4 million jobs during the recession and the Obama administration welcomed the news.

President Barack Obama said: “We are beginning to turn the corner. Today’s job numbers, while welcome, leave us with a lot more work to do.”

High unemployment in the US has been one of the main reasons why the Federal Reserve has kept interest rates at record low levels.

The Fed recently said rates will remain at their current range of 0-0.25% for an “extended period”.

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