US jobs data may still boost markets this week

LAST week, a booming jobs report saved the US stock market from a major decline and the rebound could continue this week as long as there are no nasty surprises from corporate earnings, the retail sector, or Hong Kong.

US employers added almost 250,000 workers in September, and the unemployment rate dropped to 5.9 per cent, within reach of the 5 per cent-level viewed by some economists as the optimum "full employment" level.

One labour market statistic remains at odds with those encouraging numbers, however: the "participation rate" is still falling, meaning that hundreds of thousands of people …