Heating and Ventilating

The latest payroll figures from the USA have today eased concerns over a double dip recession, a City expert said.
'The US jobless figures are an important data release, particularly with the US economy showing signs of strain recently,' said Phil McHugh, senior executive dealer at leading foreign exchange firm Currencies Direct.

'A third consecutive month of payroll decline was expected but the figure of a fall of 54,000 in the employment figures, giving an unemployment rate of 9.6%, was much better than the 105,000 that had been widely predicted.

'In addition there was an unexpected boost of 67,000 jobs on private payrolls for August, coupled with an upward revision of July's private payroll number to 107,000, showing a distinct uptick in the labour market for US companies.

'With concerns about an economic slowdown eased somewhat, we have seen a distinct bounce in equities today, with some unwinding of US dollar and Japanese yen strength on the back of the data.

'The US payroll figures will help boost short term confidence in the nation's economy. One swallow does not make a summer, but the figures should quieten those predicting a double dip, at least for now.'