THE world was on tenterhooks on September 17th, when it appeared the Fed might just be about to raise interest rates in America, for the first time in more than nine years. Although monetary-policy hawks feared that the world's largest economy was starting to overheat, doves pointed to low inflation, and to building financial stress in emerging markets, as reasons enough to hold off. In the event, the Fed decided to keep rates where they were. New data on the state of emerging-markets economies released this week, as well as today's disappointing jobs report from America, seem to vindicate the call.
However one looks at the Bureau of Labour Statistics' latest employment data, the view is an ugly one. American firms added just 142,000 jobs last month, far less than the 200,000 that the markets had been expecting. The unemployment rate remained at...Continue reading
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