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Stocks revived by jobs data
Wall Street is posting solid gains after strong signals from the labor market. In a forerunner to government data due out on Friday, a private report showed job growth last month coming in at three-times the expected pace. Adding to the upbeat view - a revision to third quarter worker productivity. Worker output was revised to its fastest pace in four years, while unit labor costs saw their biggest drop in four years. Combined - the reports suggest consumers are in healthy shape for the holidays. The strong jobs figures are offsetting signs of slower growth in other parts of the economy. The mighty U.S. services sector grew at its slowest pace in 8-months, according to the Institute for Supply Management. Oil prices are up - but little changed. U.S. crude oil inventories fell last week to their lowest levels since March of 2005. And a decision by OPEC is a further support to prices. The group decided not to boost oil production, saying demand and supply are well balanced. With a senior official saying there is no reason for oil prices to hit $100 a barrel . For Reuters, I'm Conway Gittens.
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Added: Dec 6, 2007 |
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