The latest data showed that the US economy added 117,000 jobs last month, more than economists were expecting. The unemployment rate edged lower to 9.1%. The better-than-anticipated jobs report, however, wasn't enough to convince investors that the troubles affecting the economy are over. Recent reports have shown a drop in consumer spending, a slowing manufacturing sector and sluggish economic growth.
All eyes are now on the US Federal Reserve's one-day policy meeting on Tuesday, 9 August 2011. At their last meeting in June 2011, Fed officials decided to keep the central bank's balance sheet at a record to spur the slowing economy after completing $600 billion of bond purchases. The Fed has held its target for the short-term federal-funds rate inside a lowest-ever range of 0% to 0.25% since December 2008.
The latest data showed that the US economy added 117,000 jobs last month, more than economists were expecting. The unemployment rate edged lower to 9.1%. The better-than-anticipated jobs report, however, wasn't enough to convince investors that the troubles affecting the economy are over. Recent reports have shown a drop in consumer spending, a slowing manufacturing sector and sluggish economic growth.
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