December taper draws nearer as US unemployment hits five-year low

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The US unemployment rate has fallen to a five-year low, increasing the likelihood of a tapering of quantitative easing later this month.

The US economy added 203,000 jobs in November, better than the 185,000 consensus figure, while the unemployment rate fell from 7.2% to 7% - the lowest level since November 2008. October's figure was revised down from 204,000 to 200,000, but the number of jobs added in September rose from 163,000 to 175,000, according to the Bureau of Economic Analysis. The improving figures, coupled with a better-than-expected GDP revision yesterday, give more credence to the prospect of the Federal Reserve scaling back its asset purchase programme later this month. US 10-year treasury yields rose ...

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