Dollar surges after strong US jobs report

Dollar surges after strong US jobs report
Associated Press
Posted by Calvin Lee Ledsome Sr.
Owner and Founder of: and

NEW YORK (AP) — The dollar is surging in New York after a closely followed report on U.S. jobs suggested the troubled labor market is recovering.

The Labor Department says the U.S. unemployment rate fell to a two-year low of 8.8 percent in March and 216,000 new jobs were added, more than economists had expected. Private companies created most new jobs.

“The labor market is now generating sustained, moderate increases in new private-sector jobs and appears to be slowly accelerating,” writes Steven Wood of Insight Economics. Still, he warns that it will be a long time before all the jobs lost during the recession come back.

In morning trading Friday, the euro is sliding to $1.4092 from $1.4201 late Thursday; the dollar gaining to 84.27 Japanese yen from 83.07 yen; and the British pound dropping to $1.5994 from $1.6065.

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Calvin Ledsome Sr.,
Owner and Founder of: 

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