US Lost More Jobs Than Expected

The latest unemployment figures show that the US economy lost 263,000 more jobs in September bringing total unemployment to 9.8 percent. Figures were also revised upwards for July and August.

The news drove stock futures are down by more than 1 percent in New York – will this entice investors to return to the dollar?

The US economy lost 263,000 jobs in September, which was more than had been expected, according to official non-farm payrolls figures.

The jobless rate rose to a fresh 26-year high of 9.8% from August’s figure of 9.7%.

The number in employment has now fallen for 21 consecutive months.

There was more bad news from the Labor Department, which revised its figures for July and August to show 13,000 more jobs lost than previously reported.

The economy as a whole is expected to have grown in the past three months, but recovery in the jobs market tends to lag behind the rest of the economy.

BBC News

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