54,000 US Jobs Lost Last Month

The US Labor Report brought more discouraging employment news today as for the third month in a row, jobs continued to evaporate. In August, 54,000 jobs were lost, lifting overall unemployment to 9.6 percent from 9.5 percent.

The one bright note was the private sector created more jobs than expected during the month with 67,000 new positions filled. The net result however, was still negative adding further to worries that increasing unemployment could derail any recovery.

Source: Reuters

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