Home Business Economy & Politics US economy added 148,000 jobs in September 2013

US economy added 148,000 jobs in September 2013

According to latest official figures, the US economy added 148,000 jobs in September, lower than analysts had predicted.

The unemployment rate fell to 7.2%, down from 7.3% in August, the US Department of Labor said.

The release of the figures was delayed by the partial shutdown of the US government earlier this month.

Economists had predicted 180,000 job gains for September, and the lower-than-expected figure could raise fears the US economy is losing momentum.

The US economy added only 148,000 jobs in September, lower than analysts had predicted

The US economy added only 148,000 jobs in September, lower than analysts had predicted

Employment in professional and business services grew at the fastest pace with 32,000 new jobs added. Leisure and hospitality was the only sector to see a fall with 13,000 jobs lost.

Following the figures, stock markets turned higher, with the FTSE 100 up 0.5% at 6,688 and both the Dow futures and broader S&P index futures up 0.3%, as investors bet on the Fed continuing its stimulus programme at the same pace.

The dollar fell, under pressure from the expectation that the stimulus programme, which effectively creates more dollars, will continue at the same rate.

The US central bank, the Federal Reserve, maintained its economic stimulus programme last month, suggesting it was still uncertain about the strength of the economic recovery.

The Labor Department said the next US unemployment data would be released on November 8, a week later than scheduled due to the partial shutdown of the US government.

Its workers were placed on unpaid leave during the shutdown raising fears the department will struggle to collect accurate data for October.