America’s labour market is showing resilience in the face of global economic pressure, with new jobs increasing by 94,000 during November.

Today’s figures outstripped analysts’ forecasts of an 80,000 rise in jobs during November, compared with a payroll increase of 170,000 during October. The US jobless rate stayed at 4.7 per cent for the third consecutive month following a steady rise since March’s 4.4 per cent rate.

The estimates for unemployment ranged between 4.7 per cent and 4.8 per cent.

Retailers added 24,200 jobs, the first increase in four months, after cutting 15,000 jobs in October. However, factory payrolls decreased by 11,000 after falling 15,000 a month earlier, while the construction industry hired 24,000 fewer builders.

Government payrolls increased by 30,000 during the month after gaining 38,000 in October.

Hourly wages rose 8 cents, or 0.5 per cent, on average to $17.63 in November and were up 3.8 per cent from a year earlier. Economists had expected a 0.3 per cent increase for the month and 3.8 per cent for the 12-month period.

Yesterday, President George W. Bush announced a freeze on the interest rate payments of some high-risk sub-prime US mortgages that were due to rise next year. The move is an attempt to prop up the housing market after home loan delinquencies reached a 20-year high.

To qualify, borrowers must be more than 60 days behind in their payments, have less than 3 per cent equity in their property and be unable to afford the higher interest rates when starter rates expire.

The agreement is expected to help between 200,000 and 500,000 borrowers.

The plan was announced within hours of new data from the Mortgage Bankers Association showing that borrowers representing 5.59 per cent of US home loans were at least 30 days late with their payments in the third quarter, the highest level since 1986.

One in every five adjustable sub-prime loans had late payments in the quarter, the association said.

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