Economy News
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The U.S. jobless rate unexpectedly fell in January to the lowest in three years as payrolls climbed more than forecast, casting doubt on the Federal Reserve’s plan to keep interest rates low until late 2014.
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American factories added the most jobs in a year as they stayed at the forefront of the expansion, boosting employment opportunities in the rest of the economy.
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European retail sales unexpectedly declined in December, led by Germany and France, as unemployment at a 14-year high and government spending cuts sapped consumer demand.
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Federal Reserve Bank of St. Louis President James Bullard said reports on the U.S. economy such as today’s better-than-forecast employment data indicate that more Fed purchases of bonds aren’t necessary.
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