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U.S. Dec. payrolls unexpectedly accelerate to 167,000...

By Rex Nutting
Last Update: 8:30 AM ET Jan 5, 2007

http://tinyurl.com/yjuouc

WASHINGTON (MarketWatch) - Job growth in the United States unexpectedly accelerated in December, with nonfarm payrolls rising by 167,000 and the jobless rate remaining at a very low 4.5%, the Labor Department reported Friday.

Job growth was much stronger than the 100,000 expected, dashing fleeting hopes held by some that the Federal Reserve would cut interest rates soon.

Payrolls grew by 1.84 million in 2006, an average of 153,000 per month.

The jobless rate fell from 4.9% at the beginning of the year to 4.5%.

Average hourly earnings in December jumped by 8 cents or 0.5%, far ahead of the 0.3% rise expected.