Jobs, U.s. Economy | featured news

The euro zone's economic woes accelerated last month and China's slowdown looked likely to extend to a seventh quarter, surveys on Wednesday showed, while the United States proved the bright spot with better-than-expected news on services and jobs.

Companies added 162,000 jobs in September, more than economists expected but still pointing to slow improvement in the labor market, data from a payrolls processor showed on Wednesday.

The government went back over its numbers and found something missing -- nearly 400,000 new jobs. In its annual revision to its employment data, the Labor Department said Thursday that 386,000 more jobs were created in the year ending in March than it originally had reported. The revision is a preliminary estimate, with a final figure coming in February.

Orders for long-lasting U.S. manufactured goods dropped sharply in August suggesting the main engine of economic growth was stalling, offsetting hopeful signs of an improvement in the labor market.

The number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a hopeful sign for the job market. It's the lowest level of weekly applications in nine weeks.

Americans' confidence in the economy jumped this month to the highest level since February, bolstered by a brighter outlook for overall business conditions and hiring. The Conference Board said Tuesday that its Consumer Confidence Index rose to 70.3. That's up from 61.3 in August, which was revised higher. And it's the highest reading since February, when employers added 259,000 jobs and many thought the recovery was strengthening.

Five years after the housing bust, the U.S. economy is showing signs of finally bottoming out. Americans are on the move again after putting their lives on hold and staying put. More young adults are leaving their parents' homes to take a chance with college or the job market, while once-sharp declines in births are leveling off and poverty is slowing.

Consumer sentiment unexpectedly rose in early September to its highest level in four months as Americans were more upbeat about their economic and job prospects, a survey showed on Friday.

Producer prices rose by the most in three years in August as energy costs surged, but underlying inflation pressures remained contained, keeping the door open to a further easing of monetary policy.

"It took 10 years to get out of the Great Depression," said [Ross] Baker. He said people shouldn't be surprised "if this recovery is half as long..." But, [Nigel] Gault added, "I'm more optimistic that whoever wins the presidency, the next four years will be much better than the past four years."