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US loses fewer jobs than expected

The US lost fewer jobs than expected in August, according to the latest non-farm payroll figures.

The country shed 54,000 jobs, according to the Bureau of Labor Statistics, as opposed to a projected decline of 110,000.

The unemployment rate remained roughly unchanged at 9.6 per cent. The bureau also made upwards revisions to unemployment figures for June and July.

The figures show that US growth remains anaemic, but do not in themselves present sufficient evidence in favour of a double-dip recession.

Global markets have jumped on the back of the news. At 3.21pm, the FTSE 100 had risen 1.3 per cent to 5443.71, while the Dax and the Cac 40 had risen 1.24 and 1.69 per cent respectively. The Dow Jones has jumped by 0.9 per cent in early trades.

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