Still quietly great

Nothing seems to curb the enthusiasm of US employers. Another solid monthly jobs report on Friday, revealing that 255,000 new positions were created last month, should allay some concerns raised by a weak GDP growth estimate a week earlier. Investment by companies may be subdued as November's presidential election approaches, but overall the economy is gaining strength.

The jobless rate held steady at 4.9 per cent in July, close to the 4.8 per cent natural long-term rate of unemployment as currently estimated by the Congressional Budget.

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