US jobs figures cast cloud over economic recovery Analysts had expected to see the creation of 183,000 new jobs, which would already have marked a slight slowdown in America's progress over the past year, when employers have added an average of 189,000 new jobs each month. The Fed signaled this week that it will hold off tapering the $85bn-a-month bond buying programme for the time being, because America's "modest" economic recovery is still fragile. The announcement was a stark contrast to earlier statements, when the Fed signaled it was likely to start tapering imminently, and helped to calm investors who have spent the past few months jumping on every shred of economic data trying to second-guess when the Fed would pull the trigger. Friday's jobs figures appeared to push that date a little further off. Michelle Mayer, senior US economist at Bank of America Merrill Lynch, said: "We still believe the Fed will taper before year-end. But, it challenges the view of many market participants that an announcement in September is a "done deal."" However, some of the data was more positive. America's unemployment rate fell to 7.4pc - its lowest level since December 2008 - partly helped by a proportion of the population growing older or dropping out of the labour force for other reasons. The unemployment figures are derived from a survey of households, while payroll numbers are based on a survey of employers. The two surveys can tell a slightly different story from month to month, but generally converge over time.