Wednesday, January 5, 2011

Dollar Jumps After Reports Show Stronger Economy

The dollar jumped over the euro, pound, and yen Wednesday, after reports on jobs and the service sector pointed to a strengthening US economy. The euro fell by 1.2%, the British pound by 0.6%, and the Japanese yen by 1.5%, compared to the US dollar.

Payroll processor ADP reported that employers added far more jobs than economists had expected.

A trade group for purchasing executives stated that a measure of the US service sector rose to its highest level in December since May 2006. This service sector includes shipping companies, restaurants, shops, and hotels.

These two reports are signs that the US's economic growth is speeding up.

The US dollar also rose 1.8% over the Swiss franc, but dropped slightly under the Canadian dollar (in cents).

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1 comment:

  1. Faisal AkkadJanuary 12, 2011 at 6:22 AM

    Both the article and summery suggest that America's financial and job availabilities are increasing with accelerating rate. The unexpectedly large amounts of employment opportunities and currency-value increase will only improve America's status globally. Maybe also get back on its feet and regain it's previous status as a financially independent country.

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