US Economy Sheds Another 54,000 Jobs
3:33pm UK, Friday September 03, 2010
Unemployment in the US is up for the third month in a row – with the loss of another 54,000 jobs.
Many unemployed people are starting to hunt for jobs again
The unemployment rate rose to 9.6%,from 9.5% in July, despite the creation of 67,000 jobs in the private sector, the Labor Department said.
Many analysts had forecast a much bigger rise in the unemployment rate, with some predicting 100,000 losses.
Job cuts in July were revised down from 131,000 to 54,000, while those in June were revised from 221,000 to 175,000.
The rise in the jobless rate reflected an increase in the number of people actively looking for work as some discouraged workers resumed the hunt for jobs.
We really need private businesses to step up and start to hire more aggressively for this recovery to really gain momentum.
Ryan Sweet, senior economist at Moody’s Economy.com
The smaller-than-expected job losses last month could assuage fears the economy is sliding back into recession.
Concerns of a double-dip recession have diminished this week as data showed strength in manufacturing and gains in consumer spending in the US.
But the sluggish pace of growth has kept investors on edge.
“We really need private businesses to step up and start to hire more aggressively for this recovery to really gain momentum,” stated Ryan Sweet, a senior economist at Moody’s Economy.com.
Jobs scarcity is hurting consumer spending, which normally accounts for about two-thirds of US economic activity.
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