JOBS

The United States' job market is recovering at a better rate than it did after its past two recessions despite high unemployment, a senior Treasury Department official was quoted as saying on Monday.

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President Barack Obama's new stimulus plan directs government assistance to some of the strongest parts of the economy without solving the biggest problem: finding work for the 14.9 million unemployed.

Macquarie Group begun cutting jobs late on Monday after warning of a 25 percent drop in first-half earnings amid weak markets, The Australian newspaper reported on its website on Tuesday, citing unnamed fund managers.

U.S.-based Valeant Pharmaceuticals International, which agreed to be bought by Canada's Biovail Corp in June, said they would cut about 25 percent of the combined company's U.S. and Canadian workforce as part of the integration plans.

Wall Street closed a stellar week on Friday after recent economic data, including a stronger-than-expected labor market report, bolstered optimism that the economy would not fall back into recession.

Stocks jumped and the dollar rallied on Friday after data showed U.S. job losses were less than expected in August, the second major report this week to ease fears the economy would slip back into recession.

World stocks jumped on Friday while the low-yielding yen and government bonds tumbled after a closely-watched U.S. jobs report showed a smaller-than-expected decline in non-farm payrolls.

The White House on Friday greeted a better than expected August employment report as reassuring news after a recent spate of unsettling economic data, and reiterated it was working with Congress to take additional steps to boost U.S. growth and hiring.

Wall Street advanced for a third day on Friday as the monthly payrolls data showed the U.S. economy may be in better shape than investors had thought and helped whet some investor appetite for risk.

U.S. employment fell for a third straight month in August, but the drop was far less than expected and private hiring surprised on the upside, easing pressure on the Federal Reserve to prop up economic growth.

World stocks jumped on Friday while the low-yielding yen and government bonds tumbled after a closely-watched U.S. jobs report showed a smaller-than-expected decline in non-farm payrolls.

Britain's leading share index hit a more than three-week high on Friday as the market looks beyond a weak employment picture in the United States after factoring in a soft patch in the pace of the economic recovery.

Gold prices fell more than 1 percent on Friday to their lowest in three sessions, after data showed U.S. non-farm payrolls fell by less than expected in August, boosting the appeal of assets seen as higher risk.

The U.S. dollar rallied versus the yen on Friday after a government report showed U.S. employment fell by far less than expected in August and private payrolls growth was surprisingly strong. The dollar jumped 1 percent to trade above 85 yen as the data fueled expectations the U.S. labor market is not as bad as feared and helped lift U.S. Treasury securities yields.

Oil eased on Friday as the market joined in the wait for monthly data from leading energy consumer the United States and Hurricane Earl posed a potential threat to the nation's east coast refineries. U.S. crude for October dropped 38 cents to $74.64 a barrel by 0920 GMT, on track for its third weekly drop in four weeks, while ICE Brent declined 42 cents to $76.51.

Gold prices were steady on Thursday, with buyers cautious on the physical market, as investors wait for key U.S. job data due later in the day for further clues on health of the economy. Data released on Thursday showed a surprise rebound in pending sales of previously owned homes in July, as well as a fall in new jobless claims last week in the U.S.

The euro and high-yielding currencies held firm on Friday after an improvement in U.S. housing and jobless claims data bolstered investor appetite for risk ahead of key U.S. jobs data due later in the day. Still, reflecting simmering worries about a slowdown in the U.S. and global economies, the yen was locked near a 15-year high against the dollar and the Swiss franc hovered near a record peak against the euro.

Oil fell on Friday for the first day in three as traders awaited U.S. monthly jobs data, while Hurricane Earl neared the country's east coast, fuelling concerns of disruptions to refineries and demand during the Labor Day long weekend.

Metro Bank, whose launch in July marked the birth of Britain's first new high street retail bank in more than 100 years, said on Friday it was creating 100 new jobs.

Stocks rose and U.S. Treasuries fell on Thursday as U.S. data showed strength in the economy, but investors were mainly focussed on Friday's closely followed U.S. unemployment report for economic clues.