In Europe, all eyes turn to U.S. job report

TEXT OF INTERVIEW

STEVE CHIOTAKIS: Today, we’re expecting the Labor Department’s November employment report looking at how many U.S. jobs were added or lost and the nation’s unemployment rate. And while we’re waiting for the report here at home, Europeans are also keeping a close eye.

Reporter Christopher Werth is with us from London with the latest. Good Morning, Christopher.

CHRISTOPHER WERTH: Good Morning, Steve.

CHIOTAKIS: So, why Europeans investors so interested in the American jobs report?

WERTH: European markets have had a good bounce over the last couple of days despite some pretty negative news around the Irish bailout and the European debt crisis. But analysts are expected the U.S. jobs report to be pretty good and this morning I spoke with Angus Campbell. He’s with London Capital Group. And he explained why.

ANGUS CAMPBELL: The U.S. being the biggest economy in the world, it’s always something that the European markets focus on. If jobs are being created in the U.S., then their consumers will be buying lots of products from around the world.

CHIOTAKIS: Ah — so the U.S. as the consumer of last resort. Despite the slowdown, that’s not going away?

WERTH: No, you know we’ve heard a lot about how the U.S.’s position is weakening: a declining importance of the dollar, and all of that. But Angus says European markets always look forward to the first Friday of the month as “U.S. Non-Farm Pay Roll Day”

CHIOTAKIS: U.S. Non-Farm Pay Roll Day — maybe a new international holiday, Chris?

WERTH: Happy US Non-Farm Pay Roll Day, Steve

CHIOTAKIS: And you as well. Christopher Werth reporting from London. Chris thanks

WERTH: Hey, thanks.