new jobs figure beats expectations

new jobs figure beats expectations ; The US unemployment rate remained unchanged at 9.6% in October, but 151,000 jobs were created, the Labor Department has said. The new jobs figure is much higher than analysts had expected amidst the sluggish recovery of the economy. But the unemployment rate has now been at the current level for three months.

US President Barack Obama called the increase in jobs "encouraging news", adding that there was still much more to be done. "I am open to any idea, any proposal, any way we can get the economy growing faster so that people who need work can find it faster," he said.

The US Federal Reserve announced on Wednesday it would pump $600bn (£373bn) into the US economy to boost the speed of recovery. High unemployment was named as one of the reasons for the intervention. The October unemployment rate itself was in line with Wall Street forecasts. "We still have the unemployment rate steady so this isn't going to affect the Fed thinking too much at this point," said economist Sean Incremona at 4Cast Ltd in New York. For the latest updates PRESS CTR + D or visit Stock Market news Today

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