Business hiring is holding up, allaying concerns about a U.S. economic downdraft in the face of a looming fiscal cliff.
Companies added an average 121,000 workers a month in the third quarter, up from 88,000 in the second quarter, according to Labor Department figures released on Oct. 5. Total payrolls, including government, increased an average 146,000 a month, compared with 67,000 in the prior period.
"We're not seeing a further loss of momentum, and that's a very important positive," said Bruce Kasman, chief economist for JPMorgan Chase & Co. in New York.
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