Markets gain as US jobless rate hits 44-month low

The US unemployment rate has fallen below 8% for the first time since January 2009, raising hopes over the strength of the US recovery and giving global equities a boost.

US non-farm payroll figures for October came in slightly lower than expected, rising by 114,000 compared with an expected 118,000 jump. But a fall in the headline unemployment rate and upwards revisions to previous months boosted sentiment. The jobless rate fell from 8.1% to 7.8%, surprising economists who had predicted a fall to 8% at best, while August payrolls were revised up from 96,000 to 142,000 and July payrolls were amended from 141,000 to a 181,000 increase. The figures will boost president Barack Obama in his re-election bid, Republican challenger Mitt Romney having drawn at...