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US Payrolls Rise In July As Jobless Rate Ticks Down

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09:24 PM

WASHINGTON -(Dow Jones)- The U.S. economy added more jobs than expected in July and the unemployment rate edged down, providing some hope the nation will avoid another recession.

Nonfarm payrolls rose by 117,000 last month as private-sector employers added 154,000 jobs, the Labor Department said Friday in its survey of employers. Payroll data for the previous two months were revised up by a total 56,000, to show increases of 46,000 jobs in June and 53,000 in May.

ECB: Banks Parked EUR117.76 Billion In Overnight Deposit Facility Thursday

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06:59 PM

FRANKFURT -(Dow Jones)- Commercial banks parked EUR117.76 billion in the European Central Bank’s overnight deposit facility Thursday, down slightly from the six-month high recorded Wednesday as banks sought a safe haven for excess cash in volatile markets.

No money was borrowed from the ECB’s overnight lending facility Thursday, the ECB said Friday.

On Wednesday, banks deposited EUR121.74 billion in the ECB’s overnight deposit facility. The daily amount has been growing steadily since mid-July and has now reached a new recent peak since EUR137.07 billion Feb. 7.

Sarkozy Spoke With Trichet Wednesday, Thursday

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01:05 PM

PARIS -(Dow Jones)- French President Nicolas Sarkozy has been talking with Jean-Claude Trichet, the president of the European Central Bank, over the past two days and will hold separate conversations by telephone with Spain’s prime minister and German Chancellor Angela Merkel, Sarkozy’s office said late Thursday.

A spokeswoman declined to give any details on the talks.

The talks come as markets the world-wide have been plunged into turmoil, with investors fretting over the global economy and policy makers’ ability to resolve the euro zone’s debt crisis.

3 Ex-Fed Officials See 20%-40% Chance Of New US Recession

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01:54 PM

WASHINGTON -(Dow Jones)- The U.S. economy faces a risk of falling back into recession and the Federal Reserve might need to consider a new round of securities purchases to deal with it, even though it isn’t in a strong position to address a slowdown, three former top officials at the central bank said.

Euro Zone To Discuss Idea To Boost Rescue Loan Capacity

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01:51 PM

BRUSSELS-(Dow Jones)- Euro-zone governments have begun discussing a change to their permanent sovereign rescue fund that could raise the currency bloc’s total rescue loan capacity to nearly EUR1 trillion, a senior euro-zone official said.

The idea is still in preliminary discussions among just a few governments, the official said. It’s far from clear whether crucial governments such as Germany and the Netherlands, which have resisted committing more money to the euro zone’s emergency funds, will back the proposal.