October 07, 2007	Sunday	Ramazan 24, 1428

WASHINGTON, Oct 6: The US economy generated 110,00 jobs in September, according to a report on Friday that eased fears of a recession and also wiped out through a revision last month’s estimated job losses.

The Labor Department report on nonfarm payrolls, seen as one of the best gauges of economic momentum, suggested the world’s biggest economy is holding firm in the face of credit and housing woes.

Significantly, the agency revised up its estimate for August to show a gain of 89,000 jobs, instead of a net loss of 4,000 -- a report which at the time had stunned analysts and fanned fears about a downturn.

Remember that ominous payrolls decline for August? It now shows up as a gain of 89,000. So as far as being in recession already -- never mind.The agency said the US unemployment rate edged up to 4.7 per cent from 4.6 per cent as the number of job seekers increased.—AFP