The US added 313,000 net new non-farm jobs in February which is more than any month since July 2016, the government reported on Friday.

Robust hiring in construction, retail and manufacturing contributed to the increase in jobs.

The goods-producing sector, including mining, manufacturing and the auto sector, added 100,000 new positions while the private services sector added 187,00 jobs. The public sector added 26,000, jobs with increased hirings in education and at the state government level.

The unemployment rate remained steady at 4.1 per cent for the fifth month in a row, the Labor Department said in its highly-anticipated monthly report.

Moreover, the job gains in December and January were revised to 54,000, bringing the average monthly job creation to a strong 242,000 a month for the latest three months, the Labor department added.

Hourly wages gained 0.2 per cent for the month, matching analyst expectations but putting compensation up 2.6 per cent over the same month last year -- ahead of consumer inflation, which was measured at 2.1 per cent. That could fuel concerns about rising inflation pressures.

There also were signs the hunger for increasingly scarce workers was causing companies to dig deeper into the labour pool.

The number of discouraged workers or those marginally attached the labor market -- such as people working part time who want a full-time position -- fell 149,000 from a year earlier to 373,000.

The results are a shot in the arm for US President Donald Trump as his support for his &quot;America First&quot; economic agenda appeared to be on shaky ground.

(With inputs from AFP)

Robust hiring in construction, retail and manufacturing contributed to the increase in jobs

The US added 313,000 net new non-farm jobs in February which is more than any month since July 2016, the government reported on Friday. Robust hiring in construction, retail and manufacturing contributed to the increase in jobs. The goods-producing sector, including mining, manufacturing and the auto sector, added 100,000 new positions while the private services sector added 187,00 jobs. The public sector added 26,000, jobs with increased hirings in education and at the state government level. The unemployment rate remained steady at 4.1 per cent for the fifth month in a row, the Labor Department said in its highly-anticipated monthly report. Moreover, the job gains in December and January were revised to 54,000, bringing the average monthly job creation to a strong 242,000 a month for the latest three months, the Labor department added. Hourly wages gained 0.2 per cent for the month, matching analyst expectations but putting compensation up 2.6 per cent over the same month last year -- ahead of consumer inflation, which was measured at 2.1 per cent. That could fuel concerns about rising inflation pressures. There also were signs the hunger for increasingly scarce workers was causing companies to dig deeper into the labour pool. The number of discouraged workers or those marginally attached the labor market -- such as people working part time who want a full-time position -- fell 149,000 from a year earlier to 373,000. The results are a shot in the arm for US President Donald Trump as his support for his "America First" economic agenda appeared to be on shaky ground. (With inputs from AFP)

US jobs surge 313,000 in February, highest in 1.5 years

More than half of the jobs at US newspapers have disappeared since 2001, with a large portion of the losses offset by employment gains at internet firms, government figures showed Monday.

The data from the Bureau of Labor Statistics showed US newspaper employment fell from 412,000 in January 2001 to 174,000 in September 2016.

In the internet publishing and portal segment the number of jobs grew from 67,000 in 2007 -- the earliest for which data was available -- to 206,000 last year.

The figures confirm the huge upheaval in the news media industry, where a shift to online sources has forced a major retrenchment in print.

The same report showed that the number of newspaper industry businesses fell from 9,310 in 2001 to 7,623 last year, a decline of 18 percent.

The number of internet publishing and web search portals meanwhile jumped 150 percent from 2007 to 13,924 last year, the report showed.

The report showed declines in magazines, book publishing and radio broadcasting, while television industry jobs held nearly steady since 2001.

The number of periodicals, or magazines, hit a high of 9,232 in 2008 and have been declining since then, with a total of 7,566 in 2016.

(AFP)

A large portion of the losses offset by employment gains at internet firms

More than half of the jobs at US newspapers have disappeared since 2001, with a large portion of the losses offset by employment gains at internet firms, government figures showed Monday. The data from the Bureau of Labor Statistics showed US newspaper employment fell from 412,000 in January 2001 to 174,000 in September 2016. In the internet publishing and portal segment the number of jobs grew from 67,000 in 2007 -- the earliest for which data was available -- to 206,000 last year. The figures confirm the huge upheaval in the news media industry, where a shift to online sources has forced a major retrenchment in print. The same report showed that the number of newspaper industry businesses fell from 9,310 in 2001 to 7,623 last year, a decline of 18 percent. The number of internet publishing and web search portals meanwhile jumped 150 percent from 2007 to 13,924 last year, the report showed. The report showed declines in magazines, book publishing and radio broadcasting, while television industry jobs held nearly steady since 2001. The number of periodicals, or magazines, hit a high of 9,232 in 2008 and have been declining since then, with a total of 7,566 in 2016. (AFP)

More than half of US newspaper jobs have disappeared since 2001

US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday.

The second straight month of very strong jobs data will play into President Donald Trump&#39;s focus on manufacturing jobs, which he has promised to bring back to America.

But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat.

Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure.

It was the biggest increase in private employment since April 2011.

But the highlight of the data was the goods-producing industries which posted&nbsp;the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000.&nbsp;

&quot;February proved to be an incredibly strong month for employment with increases we have not seen in years,&quot; said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department&#39;s monthly employment report, which is due out Friday.&nbsp;

The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report.

Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies -- a tactic that has had some success.

ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009.

In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the &quot;strongest consecutive months of hiring since August and September 2015.&quot;

Fed could hike faster&nbsp;

The ADP report also is likely to increase confidence in markets that the Federal Reserve will raise interest rates next week, given the solid indications the economic recovery is picking up steam.&nbsp;

But the Fed&#39;s policy-setting Federal Open Market Committee, which meets March 14-15, may start thinking about more increases that the two to three expected for the year, if tightening labor markets fuel fears of accelerating wages that could lead to more inflation.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the strong hiring &quot;will push the&nbsp; unemployment rate down further, forcing the Fed to tighten more&nbsp; quickly than markets -- and policymakers -- currently expect.

He cautioned that the ADP report &quot;is not a consistent reliable guide to the initial official private payroll number, but it probably would be unwise to ignore it altogether.&quot;

Mickey Levy of Berenberg Capital Markets, agreed the Fed will be under more pressure to prevent the economy from overheating. &nbsp;

&quot;The Fed will certainly acknowledge the strong job gains along with other data and soaring confidence,&quot; he said in a research note.&nbsp; &quot;If job gains of this magnitude continue and wages tilt up and inflation pressures build, the Fed will be forced to hike more than expected in 2017-2018.&quot;

Mark Zandi, chief economist of Moody&#39;s Analytics said in the ADP statement,&nbsp;the unseasonably mild winter weather &quot;undoubtedly played a role&quot; in the strong ADP numbers.

&quot;But near record high job openings and record low layoffs underpin the entire job market,&quot; he said, noting strength in construction, mining and manufacturing.

Broken down by size, medium-sized business increased 122,000 and small businesses added 104,000. Large firms lagged with 72,000.

(AFP)

The second straight month of very strong jobs data will play into President Donald Trump's focus on manufacturing jobs

US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday. The second straight month of very strong jobs data will play into President Donald Trump's focus on manufacturing jobs, which he has promised to bring back to America. But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat. Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure. It was the biggest increase in private employment since April 2011. But the highlight of the data was the goods-producing industries which posted the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000. "February proved to be an incredibly strong month for employment with increases we have not seen in years," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department's monthly employment report, which is due out Friday. The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report. Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies -- a tactic that has had some success. ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009. In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the "strongest consecutive months of hiring since August and September 2015." Fed could hike faster The ADP report also is likely to increase confidence in markets that the Federal Reserve will raise interest rates next week, given the solid indications the economic recovery is picking up steam. But the Fed's policy-setting Federal Open Market Committee, which meets March 14-15, may start thinking about more increases that the two to three expected for the year, if tightening labor markets fuel fears of accelerating wages that could lead to more inflation. Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the strong hiring "will push the unemployment rate down further, forcing the Fed to tighten more quickly than markets -- and policymakers -- currently expect. He cautioned that the ADP report "is not a consistent reliable guide to the initial official private payroll number, but it probably would be unwise to ignore it altogether." Mickey Levy of Berenberg Capital Markets, agreed the Fed will be under more pressure to prevent the economy from overheating. "The Fed will certainly acknowledge the strong job gains along with other data and soaring confidence," he said in a research note. "If job gains of this magnitude continue and wages tilt up and inflation pressures build, the Fed will be forced to hike more than expected in 2017-2018." Mark Zandi, chief economist of Moody's Analytics said in the ADP statement, the unseasonably mild winter weather "undoubtedly played a role" in the strong ADP numbers. "But near record high job openings and record low layoffs underpin the entire job market," he said, noting strength in construction, mining and manufacturing. Broken down by size, medium-sized business increased 122,000 and small businesses added 104,000. Large firms lagged with 72,000. (AFP)

US private sector posts largest hiring in six years

US job creation surged in January while the unemployment rate drifted marginally higher as more people joined the job hunt, the Labour Department reported Friday.

With hiring up in retail, construction and the financial sector, the economy added 227,000 net new nonfarm jobs during the month, the biggest jump since September.

The jobless rate ticked up a tenth of a point to 4.8 per cent, reflecting a small increase in the labour force.

The result far surpassed a consensus forecast for 170,000 new positions, although economists have warned in recent days about a possible big upside surprise based on other recent labour indicators.

The new figures, which include the first 11 days of Donald Trump&#39;s presidency, largely confirm the health of the economy he inherited, which has seen a slow but steady recovery from the 2008 financial crisis.

Revisions to the November and December data, which subtracted 39,000 jobs from the originally reported figures, mean the economy created an average of 183,000 new jobs over the past three months.&nbsp;

Trump -- who on the campaign trail repeatedly impugned the trustworthiness of the unemployment data -- has pledged to create 25 million jobs over the next 10 years, a goal economists say is unrealistic because the economy is already near full employment and the ageing work force will probably grow very slowly.

The labour force participation rate rose 0.2 point to 62.9 per cent in January, indicating more people returned to the work force to search for a job.

Average hourly earnings were $26.00 an hour, up a very modest three cents from December. Wages are up 2.5 percent over the last 12 months.

&quot;We believe the trend in employment growth remains more than strong enough to keep the unemployment rate trending down and adding to upward pressure on wage gains,&quot; Jim O`Sullivan, chief economist at High Frequency Economics, said in a client note.

The US Federal Reserve this week decided to keep interest rates steady, but the central bank will feel more pressure to raise the benchmark federal funds rate to clamp down on inflation as the economy heats up and especially if wages continue to rise.Still, analysts say it&#39;s difficult to predict when a decision would be made.

January&#39;s results were a &quot;mixed bag&quot; for the Fed, making a rate hike next month less likely, says Ian Shepherdson, chief economist at Pantheon Macroeconomics.

&quot;The surge in payrolls will be a real problem for policymakers, if it is sustained, but the softness of [average hourly earnings] makes it harder for the hawks to make the case that the threat to core inflation via the labor market is immediate,&quot; he wrote in a note to clients.

Retailers -- including clothing, electronics and furniture stores -- added 46,000 positions for the month while construction added 36,000 new positions.

Financial activities accounted for 32,000 new positions, with gains recorded in real estate, insurance and credit intermediation.&nbsp; 
Restaurants and bars also continued their upward trend, adding 30,000 new positions.

Mining and manufacturing, which have both suffered losses in recent months, showed little or no change.

The general picture of unemployment remained largely unchanged, however. The so-called long-term unemployed -- those looking for work for 27 weeks or more -- numbered 1.9 million, around a quarter of the total jobless population of 7.6 million.

Discouraged workers, or those who believe no jobs are available for them, amounted to 532,000 people in January, little changed from a year ago.

Wall Street finished the day up significantly, buoyed higher both by the strong jobs numbers and new Trump executive actions to ease restrictions on the banking sector.

The Dow gained 0.9 percent while the S&amp;P finished 0.7 percent higher and the Nasdaq rose 0.5 per cent to hit a new record.

(AFP)

The economy added 227,000 net new nonfarm jobs during January, the biggest jump since September

US job creation surged in January while the unemployment rate drifted marginally higher as more people joined the job hunt, the Labour Department reported Friday. With hiring up in retail, construction and the financial sector, the economy added 227,000 net new nonfarm jobs during the month, the biggest jump since September. The jobless rate ticked up a tenth of a point to 4.8 per cent, reflecting a small increase in the labour force. The result far surpassed a consensus forecast for 170,000 new positions, although economists have warned in recent days about a possible big upside surprise based on other recent labour indicators. The new figures, which include the first 11 days of Donald Trump's presidency, largely confirm the health of the economy he inherited, which has seen a slow but steady recovery from the 2008 financial crisis. Revisions to the November and December data, which subtracted 39,000 jobs from the originally reported figures, mean the economy created an average of 183,000 new jobs over the past three months. Trump -- who on the campaign trail repeatedly impugned the trustworthiness of the unemployment data -- has pledged to create 25 million jobs over the next 10 years, a goal economists say is unrealistic because the economy is already near full employment and the ageing work force will probably grow very slowly. The labour force participation rate rose 0.2 point to 62.9 per cent in January, indicating more people returned to the work force to search for a job. Average hourly earnings were $26.00 an hour, up a very modest three cents from December. Wages are up 2.5 percent over the last 12 months. "We believe the trend in employment growth remains more than strong enough to keep the unemployment rate trending down and adding to upward pressure on wage gains," Jim O`Sullivan, chief economist at High Frequency Economics, said in a client note. The US Federal Reserve this week decided to keep interest rates steady, but the central bank will feel more pressure to raise the benchmark federal funds rate to clamp down on inflation as the economy heats up and especially if wages continue to rise.Still, analysts say it's difficult to predict when a decision would be made. January's results were a "mixed bag" for the Fed, making a rate hike next month less likely, says Ian Shepherdson, chief economist at Pantheon Macroeconomics. "The surge in payrolls will be a real problem for policymakers, if it is sustained, but the softness of [average hourly earnings] makes it harder for the hawks to make the case that the threat to core inflation via the labor market is immediate," he wrote in a note to clients. Retailers -- including clothing, electronics and furniture stores -- added 46,000 positions for the month while construction added 36,000 new positions. Financial activities accounted for 32,000 new positions, with gains recorded in real estate, insurance and credit intermediation. Restaurants and bars also continued their upward trend, adding 30,000 new positions. Mining and manufacturing, which have both suffered losses in recent months, showed little or no change. The general picture of unemployment remained largely unchanged, however. The so-called long-term unemployed -- those looking for work for 27 weeks or more -- numbered 1.9 million, around a quarter of the total jobless population of 7.6 million. Discouraged workers, or those who believe no jobs are available for them, amounted to 532,000 people in January, little changed from a year ago. Wall Street finished the day up significantly, buoyed higher both by the strong jobs numbers and new Trump executive actions to ease restrictions on the banking sector. The Dow gained 0.9 percent while the S&P finished 0.7 percent higher and the Nasdaq rose 0.5 per cent to hit a new record. (AFP)

US job creation rises in January, labour data shows

Donald Trump on Wednesday selected a political ally with close ties to China as ambassador to Beijing, stressed his determination to create US jobs and revealed he consulted with Barack Obama on his cabinet picks.

The Republican&#39;s election victory shocked the US establishment and alarmed the world, which is now waiting with bated breath to see if the political novice will follow through on a slew of threats to tear up free trade agreements, abandon treaties and punish American companies relocating jobs overseas.

He antagonised China last week by taking a protocol-busting telephone call from the leader of Taiwan, and then railed against Beijing for alleged currency manipulation, unfair taxes and militarizing the South China Sea.

Beijing, which considers Taiwan part of its territory, on Wednesday urged Washington to block President Tsai Ing-wen from passing through the United States after reports said she may stop in New York to meet the Trump team.

But on Wednesday, Trump dangled potentially welcome news for Beijing: his pick of Iowa Governor Terry Branstad, who has close ties to Chinese President Xi Jinping dating back to the mid-1980s, as ambassador to China.

&quot;Governor Branstad&#39;s decades of experience in public service and long-time relationship with President Xi Jinping and other Chinese leaders make him the ideal choice to serve as America&#39;s Ambassador to China,&quot; Trump said.

Upon reports of Branstad&#39;s nomination, China called him an &quot;old friend.&quot;

Trump has pledged to create jobs by commissioning giant infrastructure projects to overhaul America&#39;s ailing roads, bridges, tunnels and airports, and by slashing corporate tax rates in an attempt to drive investment.

&nbsp;Jobs war&nbsp; 
&quot;We have to look at it almost as a war,&quot; he told supporters on Tuesday in Fayetteville, North Carolina on the second leg of an unorthodox victory tour of key swing states that propelled him into office.

Trump boasted of securing a $50 billion Japanese investment from SoftBank to create 50,000 American jobs and his intervention last week to save hundreds of manufacturing jobs from leaving Indiana for Mexico.

In an interview with Time, published to mark his accolade as the magazine&#39;s &quot;person of 2016,&quot; Trump said he also asked Apple to build a plant in the United States. The bulk of the company&#39;s products are assembled overseas.

Trump has also threatened to cancel a massive contract for two new Air Force One jets, one of the most glittering assets of the US presidency, in an apparent drive to cut back on government spending.

&quot;If we don&#39;t get the prices down, we&#39;re not going to order them,&quot; Trump told NBC, saying that he had spoken to Boeing about the order Tuesday.

The billionaire has spent most of his time since winning the election ensconced in his Trump Tower headquarters building his cabinet.

On Wednesday he nominated wrestling magnate Linda McMahon, 68, to his cabinet to head up the Small Business Administration -- nine years after he body-slammed her billionaire husband Vince and shaved his head at a wrestling match.

US media reported that he had also selected his third former general -- John Kelly to run homeland security -- and Oklahoma Attorney General Scott Pruitt to head the Environmental Protection Agency, sparking a furious backlash from Democrats who warned the fossil fuel ally was a danger to the environment.

Trump senior aide Kellyanne Conway told reporters Wednesday she could not confirm or deny Kelly&#39;s nomination but called him qualified for the job. While not confirming Pruitt&#39;s appointment outright, she responded to criticism of the pick by stating that he had &quot;great qualifications and a good record as AG of Oklahoma.&quot;

&nbsp;Secretary of state &#39;next week&#39;&nbsp; 
But all eyes remain on Trump&#39;s pending nominee for secretary of state.

He told NBC that former arch Republican critic Mitt Romney was still in the running, but also emphasised the merits of Exxon CEO Rex Tillerson, whose name has reportedly been added to the prospective list.

The president-elect told NBC he was &quot;fairly close&quot; to a decision and expected to make an announcement on the position next week.

Time named Trump as its &quot;person of 2016&quot; for his stunning electoral upset win over Hillary Clinton, which empowered a frustrated electorate, but warned that the election had left behind a deeply divided country.

Trump denied that the division was his fault and told NBC that he &quot;really liked&quot; Obama, had &quot;really good chemistry&quot; with him and even discussed some of his possible appointments with the outgoing Democratic president.

It was a stunning about-face from a billionaire who spent years criticizing Obama, and who was instrumental in the so-called &quot;birther&quot; movement that questioned whether the first black president was born in the United States.

At the daily White House briefing, Obama&#39;s spokesman remained circumspect.

&quot;The president is pleased that he can play a role in ensuring a smooth and effective transition,&quot; Josh Earnest told reporters.

(AFP) 
&nbsp;

Iowa governor Terry Branstad, the new envoy, has close ties to Chinese President Xi Jinping dating back to the mid-1980s

Donald Trump on Wednesday selected a political ally with close ties to China as ambassador to Beijing, stressed his determination to create US jobs and revealed he consulted with Barack Obama on his cabinet picks. The Republican's election victory shocked the US establishment and alarmed the world, which is now waiting with bated breath to see if the political novice will follow through on a slew of threats to tear up free trade agreements, abandon treaties and punish American companies relocating jobs overseas. He antagonised China last week by taking a protocol-busting telephone call from the leader of Taiwan, and then railed against Beijing for alleged currency manipulation, unfair taxes and militarizing the South China Sea. Beijing, which considers Taiwan part of its territory, on Wednesday urged Washington to block President Tsai Ing-wen from passing through the United States after reports said she may stop in New York to meet the Trump team. But on Wednesday, Trump dangled potentially welcome news for Beijing: his pick of Iowa Governor Terry Branstad, who has close ties to Chinese President Xi Jinping dating back to the mid-1980s, as ambassador to China. "Governor Branstad's decades of experience in public service and long-time relationship with President Xi Jinping and other Chinese leaders make him the ideal choice to serve as America's Ambassador to China," Trump said. Upon reports of Branstad's nomination, China called him an "old friend." Trump has pledged to create jobs by commissioning giant infrastructure projects to overhaul America's ailing roads, bridges, tunnels and airports, and by slashing corporate tax rates in an attempt to drive investment. Jobs war "We have to look at it almost as a war," he told supporters on Tuesday in Fayetteville, North Carolina on the second leg of an unorthodox victory tour of key swing states that propelled him into office. Trump boasted of securing a $50 billion Japanese investment from SoftBank to create 50,000 American jobs and his intervention last week to save hundreds of manufacturing jobs from leaving Indiana for Mexico. In an interview with Time, published to mark his accolade as the magazine's "person of 2016," Trump said he also asked Apple to build a plant in the United States. The bulk of the company's products are assembled overseas. Trump has also threatened to cancel a massive contract for two new Air Force One jets, one of the most glittering assets of the US presidency, in an apparent drive to cut back on government spending. "If we don't get the prices down, we're not going to order them," Trump told NBC, saying that he had spoken to Boeing about the order Tuesday. The billionaire has spent most of his time since winning the election ensconced in his Trump Tower headquarters building his cabinet. On Wednesday he nominated wrestling magnate Linda McMahon, 68, to his cabinet to head up the Small Business Administration -- nine years after he body-slammed her billionaire husband Vince and shaved his head at a wrestling match. US media reported that he had also selected his third former general -- John Kelly to run homeland security -- and Oklahoma Attorney General Scott Pruitt to head the Environmental Protection Agency, sparking a furious backlash from Democrats who warned the fossil fuel ally was a danger to the environment. Trump senior aide Kellyanne Conway told reporters Wednesday she could not confirm or deny Kelly's nomination but called him qualified for the job. While not confirming Pruitt's appointment outright, she responded to criticism of the pick by stating that he had "great qualifications and a good record as AG of Oklahoma." Secretary of state 'next week' But all eyes remain on Trump's pending nominee for secretary of state. He told NBC that former arch Republican critic Mitt Romney was still in the running, but also emphasised the merits of Exxon CEO Rex Tillerson, whose name has reportedly been added to the prospective list. The president-elect told NBC he was "fairly close" to a decision and expected to make an announcement on the position next week. Time named Trump as its "person of 2016" for his stunning electoral upset win over Hillary Clinton, which empowered a frustrated electorate, but warned that the election had left behind a deeply divided country. Trump denied that the division was his fault and told NBC that he "really liked" Obama, had "really good chemistry" with him and even discussed some of his possible appointments with the outgoing Democratic president. It was a stunning about-face from a billionaire who spent years criticizing Obama, and who was instrumental in the so-called "birther" movement that questioned whether the first black president was born in the United States. At the daily White House briefing, Obama's spokesman remained circumspect. "The president is pleased that he can play a role in ensuring a smooth and effective transition," Josh Earnest told reporters. (AFP)

Trump picks China ambassador, says he consulted with Obama on cabinet picks

US President-elect Donald Trump on Tuesday &nbsp;announced a $50 billion Japanese telecoms investment designed to create 50,000 US jobs, claiming another high-stakes personal win for the American economy before kicking off the second leg of a victory tour.

Trump provided no details on the jobs or investment, which he trumpeted following a meeting with Japanese self-made billionaire Masayoshi Son at his headquarters in New York.

The real estate tycoon whose election stunned the world first tweeted the announcement, then strode into the lobby of Trump Tower to brief reporters in&nbsp;person.

&quot;This is Masa of SoftBank from Japan and he&#39;s just agreed to invest $50 billion in the United States and 50,000 jobs,&quot; the president-elect told reporters, standing with his arm around a grinning Son.

&quot;He&#39;s one of the great men of industry, so I just want to thank you very much,&quot; added Trump before turning to shake the Japanese magnate&#39;s hand.

&quot;I just came to celebrate his new job,&quot; said Son, repeating his commitment and saying that SoftBank would be investing in startup companies in America.

In an interview with The Wall Street Journal, Son said the money will be coming from a $100 billion investment fund that he is setting up with Saudi Arabia&#39;s sovereign wealth fund and other potential partners.

Trump, who defeated Hillary Clinton by promising to create jobs and campaigning as a political outsider who could shake up the system, claimed the Japanese investment as a personal coup.

&quot;Masa said he would never do this had we (Trump) not won the election!&quot; the maverick Republican wrote on Twitter.

It marked the second time in a week Trump has claimed to have acted personally to save or create American jobs -- allowing himself to make good on a key campaign promise -- after a deal to keep hundreds of manufacturing jobs in Indiana.

That agreement with air-conditioning plant Carrier was announced ahead of his inaugural victory rally in Ohio, and has raised his stock among Republican and Democrat voters alike, a Politico/Morning Consult poll found Tuesday.&nbsp;

&nbsp;

(AFP)

Trump said the Japanese investment will create 50,000 US jobs

US President-elect Donald Trump on Tuesday announced a $50 billion Japanese telecoms investment designed to create 50,000 US jobs, claiming another high-stakes personal win for the American economy before kicking off the second leg of a victory tour. Trump provided no details on the jobs or investment, which he trumpeted following a meeting with Japanese self-made billionaire Masayoshi Son at his headquarters in New York. The real estate tycoon whose election stunned the world first tweeted the announcement, then strode into the lobby of Trump Tower to brief reporters in person. "This is Masa of SoftBank from Japan and he's just agreed to invest $50 billion in the United States and 50,000 jobs," the president-elect told reporters, standing with his arm around a grinning Son. "He's one of the great men of industry, so I just want to thank you very much," added Trump before turning to shake the Japanese magnate's hand. "I just came to celebrate his new job," said Son, repeating his commitment and saying that SoftBank would be investing in startup companies in America. In an interview with The Wall Street Journal, Son said the money will be coming from a $100 billion investment fund that he is setting up with Saudi Arabia's sovereign wealth fund and other potential partners. Trump, who defeated Hillary Clinton by promising to create jobs and campaigning as a political outsider who could shake up the system, claimed the Japanese investment as a personal coup. "Masa said he would never do this had we (Trump) not won the election!" the maverick Republican wrote on Twitter. It marked the second time in a week Trump has claimed to have acted personally to save or create American jobs -- allowing himself to make good on a key campaign promise -- after a deal to keep hundreds of manufacturing jobs in Indiana. That agreement with air-conditioning plant Carrier was announced ahead of his inaugural victory rally in Ohio, and has raised his stock among Republican and Democrat voters alike, a Politico/Morning Consult poll found Tuesday. (AFP)

Trump trumpets $50bn investment deal with Japan's SoftBank ahead of victory rally

Asian share markets enjoyed a relief rally on Monday as upbeat US jobs data lessened immediate concerns about the health of the world&#39;s largest economy, while the long-run fallout from Brexit kept sovereign yields near record lows. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan jumped 1.9 per cent to a one-month top. Australia added 1.8 per cent and Shanghai 1 per cent. 
 
Japan&#39;s Nikkei climbed 3.5 per cent, its biggest daily gain in three months, following a clear win by the government in upper house elections. 
 
Prime Minister Shinzo Abe&#39;s ruling coalition won a landslide victory giving it the power to potentially revise the nation&#39;s post-war pacifist constitution for the first time. 
 
&quot;Abe&#39;s victory boosted confidence in investor sentiment, and winning a two-thirds majority sends foreign investors a message that Abe&#39;s policies will see a progress,&quot; said Hikaru Sato, a senior technical analyst at Daiwa Securities. 
 
The Asian rebound came after news the US economy added 287,000 jobs last month, well above median forecasts and recovering from a very weak May report. 
 
In the end, investors concluded the data was not strong enough to revive the prospect of a rate hike from the Federal Reserve for the next few months, benefiting bonds and stocks. 
 
The Dow gained 1.4 per cent, while the S&amp;P 500 firmed 1.53 per cent and the Nasdaq 1.64 per cent. The rise set the seal on an eight-session run that has seen US equities add $1.4 trillion to market capitalisation. 
 
Fed officials are scheduled to speak several times this week, offering plenty of opportunities for the market to glean clues about policy. 
 
One major event this week will be a Bank of England meeting on Thursday when it might well cut its 0.5 per cent rate to offset the economic drag from the vote to leave the European Union. 
 
Governor Mark Carney has already opened the door to easing, including the expansion of its 375 billion-pound bond-buying programme. 
 
NO END TO UNCERTAINTY 
 
The only question was timing, with analysts in a Reuters poll divided on whether a cut would come this week or in August. 
 
Various reports on Monday argued for urgent action, with consumer spending falling last month, the business outlook darkening by the most in four years and economic activity in London slowing sharply. 
 
&quot;The outcome of the UK referendum has dealt a significant shock to the outlook for the global economy,&quot; warned Christian Keller, an economist at Barclays. 
 
&quot;It introduced a higher uncertainty about Europe&#39;s future, and raised questions about globalisation more generally,&quot; he added. &quot;Confidence and financial channels could potentially propagate the effects to the US, China and beyond.&quot; 
 
That was one factor behind the relentless demand for sovereign debt that has driven down yields, which move inversely to prices, and kept the pound at its weakest since 1985. 
 
Benchmark US 10-year paper was paying 1.37 per cent, with Japan at -0.28 per cent and Germany -0.20 per cent. 
 
Sterling was stuck at $1.2950 on Monday, having failed utterly to rebound from the 13 per cent loss suffered in the immediate wake of Brexit. 
 
The Japanese yen eased a little to 100.71 per dollar, while the euro stayed on the defensive at $1.1049 having touched a low of $1.1003 on Friday. 
 
In commodity markets, spot gold was a shade higher around $1,368.40 per ounce. 
 
Crude prices edged down to near two-month lows on seasonally weak consumption, despite comments from Saudi Arabia&#39;s oil minister that the oil market was becoming more balanced. 
 
Brent crude was down 39 cents at $46.37 a barrel, while NYMEX crude fell 45 cents to $44.96. 
 
(Reuters)

The Asian rebound came after news came in that the US economy added 287,000 jobs last month, well above median forecasts

Asian share markets enjoyed a relief rally on Monday as upbeat US jobs data lessened immediate concerns about the health of the world's largest economy, while the long-run fallout from Brexit kept sovereign yields near record lows. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9 per cent to a one-month top. Australia added 1.8 per cent and Shanghai 1 per cent. Japan's Nikkei climbed 3.5 per cent, its biggest daily gain in three months, following a clear win by the government in upper house elections. Prime Minister Shinzo Abe's ruling coalition won a landslide victory giving it the power to potentially revise the nation's post-war pacifist constitution for the first time. "Abe's victory boosted confidence in investor sentiment, and winning a two-thirds majority sends foreign investors a message that Abe's policies will see a progress," said Hikaru Sato, a senior technical analyst at Daiwa Securities. The Asian rebound came after news the US economy added 287,000 jobs last month, well above median forecasts and recovering from a very weak May report. In the end, investors concluded the data was not strong enough to revive the prospect of a rate hike from the Federal Reserve for the next few months, benefiting bonds and stocks. The Dow gained 1.4 per cent, while the S&P 500 firmed 1.53 per cent and the Nasdaq 1.64 per cent. The rise set the seal on an eight-session run that has seen US equities add $1.4 trillion to market capitalisation. Fed officials are scheduled to speak several times this week, offering plenty of opportunities for the market to glean clues about policy. One major event this week will be a Bank of England meeting on Thursday when it might well cut its 0.5 per cent rate to offset the economic drag from the vote to leave the European Union. Governor Mark Carney has already opened the door to easing, including the expansion of its 375 billion-pound bond-buying programme. NO END TO UNCERTAINTY The only question was timing, with analysts in a Reuters poll divided on whether a cut would come this week or in August. Various reports on Monday argued for urgent action, with consumer spending falling last month, the business outlook darkening by the most in four years and economic activity in London slowing sharply. "The outcome of the UK referendum has dealt a significant shock to the outlook for the global economy," warned Christian Keller, an economist at Barclays. "It introduced a higher uncertainty about Europe's future, and raised questions about globalisation more generally," he added. "Confidence and financial channels could potentially propagate the effects to the US, China and beyond." That was one factor behind the relentless demand for sovereign debt that has driven down yields, which move inversely to prices, and kept the pound at its weakest since 1985. Benchmark US 10-year paper was paying 1.37 per cent, with Japan at -0.28 per cent and Germany -0.20 per cent. Sterling was stuck at $1.2950 on Monday, having failed utterly to rebound from the 13 per cent loss suffered in the immediate wake of Brexit. The Japanese yen eased a little to 100.71 per dollar, while the euro stayed on the defensive at $1.1049 having touched a low of $1.1003 on Friday. In commodity markets, spot gold was a shade higher around $1,368.40 per ounce. Crude prices edged down to near two-month lows on seasonally weak consumption, despite comments from Saudi Arabia's oil minister that the oil market was becoming more balanced. Brent crude was down 39 cents at $46.37 a barrel, while NYMEX crude fell 45 cents to $44.96. (Reuters)

Asia stocks hit four-week high after strong US jobs data

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