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A stronger performance for job creation in the United States appears to have eased financial market fears of a US recession.
Closely-watched employment data showed that 142,000 net new jobs were created in the world’s largest economy last month.
While that was below forecasts of 160,00, it represented a significant recovery on a downwardly revised total for July of just 89,000.
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A total around 200,000 is typically considered healthy.
Other figures revealed a slight tick up in wage growth though the unemployment rate fell to 4.2% following four consecutive increases previously.
Anticipation of a stronger performance than witnessed in July, which sparked heavy stock market losses, was seen in values ahead of the data’s publication.
The dollar lost ground against most international currencies and was almost half a cent down versus the pound at $1.32.
That was explained by analysts as the data coming in below a level that could frighten the Federal Reserve away from its first interest rate cut, widely expected later this month.
US stock futures pared losses while the FTSE 100 was trading flat, having been 0.5% lower earlier in the session as some limited risk appetite returned.
That was also seen in the cost of oil, with Brent crude trading higher at $73.
Mining and energy stocks have suffered over the past week as prices have fallen amid a lack of evidence that the US economy could avoid a recession despite technically remaining in growth, albeit weak.
While most countries define such a downturn as following two consecutive quarters of…
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