"We're stuck in a channel of lackluster growth"
- Brian Jones, a senior U.S. economist for Societe Generale SA
The U.S. economy created more jobs than economists forecast in July, easing concerns the economic recovery is faltering. Total nonfarm payrolls increased by 163,000, said the U.S. Department of Labor on Friday. The jobless rate rose to 8.3 per cent, the highest level since February.
"Today's numbers are better but not good enough," said Brian Jones, a senior U.S. economist for Societe Generale SA in New York. "We're stuck in a channel of lackluster growth."
Also Friday, a report showed the U.S. service sector expanded at a faster pace in July, compared to June. The Institute for Supply Management's non-manufacturing index climbed to 52.6 from 52.1, said Arizona-based group.
The Standard & Poor's 500 gained 1.90% to 1,390.99. The Dow Jones Industrial Average improved 1.69%, or 217.29 points, to 13,096.17. The Nasdaq Composite added 2.00% to 2,967.90.
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